Jim Cramer thinks the stock market's low of June will hold up as the bottom of the selling season. He acknowledged that it won't be easy and that Wall Street bulls face a lot of challenges.
Cramer told strangers not to give up the ship as he hosted the show from Seattle.
The bears looked to be in the driver's seat despite Monday's rally that built on last week's rally. The S&P 500 advanced last week for the first time in three weeks.
Maybe we are getting a bear market rally. Cramer said yes. September is the worst month of the year for stock prices. He said the selling could come back after a bad August. He does not believe the market will break below the June low.
Cramer said that inflation is a problem regardless of what the consumer price index says. The Federal Reserve will increase interest rates later this month and investors are wondering how big of a problem it will be. The previous two hikes were of that magnitude. The market is all in on that.
Cramer agrees with the argument that the government's environmental agenda is not very market friendly and that more layoffs are coming in corporate America.
Cramer favors a 75 basis point rate rise to help cap wage inflation because commodity prices peaked a long time ago.
Cramer thinks that the Ukrainians are driving the Russians out. He said oil, gasoline and natural gas prices would go down if that were to happen. The market would get a huge boost from that.
"Obviously, this war has been a terrible disaster, but if Ukraine can win, that's huge for the stock market," Cramer said. Food prices are the same. The euro could allow us to make more money overseas.
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