On Wednesday morning, Jim Cramer shared his first take on the markets which included opinions on potential lockdowns, more layoffs, and if there is a buying opportunity in stocks.
Cramer on Lockdowns: While appearing on "Squawk on the Street," Cramer discussed the potential for lockdowns similar to what Europe has done.
“There’s going to be a call for lockdowns.”
Cramer doesn’t believe we will get a lockdown as our country believes in freedom and won’t completely close down.
Instead, Cramer thinks we'll have a “stay in place voluntarily.”
Buying Opportunity? Markets are expected to open down significantly on Wednesday. The S&P 500 has an implied open down 65 points.
“If we had a stimulus, we would be focusing on earnings.”
Instead, Cramer said we're focusing on the rising virus figures and more layoffs: “Very hard to buy a lot of stocks when you see these numbers.”
Cramer said everyone is fearful.
Some states have adopted their own rules on how to stop the spread of the virus said Cramer, which could impact how we control the rising number of cases. He thinks it’s realistic that we get something done in terms of stimulus after the election.
“Buy those stocks tomorrow, not today.”
Price Action: The SPDR S&P 500 Trust ETF SPY is down 2% in pre-market trading.
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