CNBC’s Jim Kramer predicted on Thursday that Wall Street would soon fall in price and the market would be set for an “unprecedented rally”.
“Suddenly, conventional wisdom says that everything is too much, so prices are going down. Stock prices are expecting it. And that’s why oil was the only sector to hold rally in the first quarter, because they have fallen. And utilities, which work really well.” Only when there is going to be a severe recession, “said the host of” Mad Money “
“We value this negativity much faster than you think. Maybe it will take a month, maybe a few weeks. But it will happen and once it happens, we will be ready for an incredible, great gathering,” he added. Done.
The Dow Jones Industrial Average fell 1.56% on Thursday, the last trading day in March. The S&P 500 is down 1.57% while the Nasdaq Composite is down 1.54%. The Dow ended the quarter down 4.6%, the S&P 500 lost 4.9% and the Nasdaq fell 9%.
“Even though we still have an inflation problem, today’s move predicts a crash in sales for almost everything.… I say, for now, let it go down. There will be a lot more inventory in Lenner’s home, a lot of home depots, “Kramer said, listing some of the companies that lost stock in Thursday’s session.
“The [Federal Reserve] Interest rates must rise, perhaps many times, the fall will be accelerated and inflation must be controlled. Most importantly, the market is expected to do well in all of this and will be well ahead of what I have described, “he added.
Disclosure: Owner of shares of Kramers Charitable Trust AMD.