Jim Cramer: Buy stocks slowly, ‘we’re getting closer to a bottom’

"I'm urging you to have a lot of cash on the sidelines and put money to work gradually 'cause there may be more bad [coronavirus] stories" next week, the "Mad Money" host said.

Wall Street is in deep correction territory, stocks have been discounted and the embargo on putting money in securities is now over after a tough week of trading shrouded in coronavirus uncertainty, CNBC’s Jim Cramer said Friday.

“We’ve had back-to-back days, though, where 10 times as many stocks were falling versus going up, and that is highly unusual,” the “Mad Money” host explained. “It suggests we’re getting closer to a bottom … though we probably may not be there yet.”

Cramer came to that conclusion after $3.18 trillion of value was cut out of the market during Wall Street’s worst week since the financial crisis in 2008. Investors transferred money from riskier assets to safe havens such as bonds as worries mounted about the novel coronavirus’ impact on businesses and a slowing global economy.

Cramer said investors with stock in travel, leisure, automotive and housing companies should consider offloading their holdings and building cash. Those businesses will likely miss their quarterly projections, meaning they have not seen the end of the rout in their valuations, he said. The public should expect more negative COVID-19 headlines to come out during the weekend that can impact trading on Monday, Cramer said.

“This is the time to high grade your portfolio, regardless. I want you to take some losses and move to better stocks,” he said. “I know these groups have already been crushed. That doesn’t mean they can’t get crushed some more.”

The host recommended a basket of stocks, ranging from gold to consumer staples to pharmaceuticals, that he thinks are investible here:

Barrick Gold — $25.60 per share, down 12.6% from Monday
AbbVie — $85.71, down 12% since Feb. 12
Abbott Laboratories — $77.03, 16% under Jan. 22 close
Coca-Cola — $53.49, down 11% from Feb. 21
Moderna — $29.16, 11% off Wednesday’s close
Zoom Video Communications — $105, 7.5% off Thursday’s close
Etsy — $57.81
Shopify — $463.31, down 15% from Feb. 19
Teladoc Health — $124.96, off 7.5% from Thursday
RingCentral — $235.75, off 5% from Feb. 19
Verizon Communications — $54.16, down 12% year to date
AT&T — $35.22, down 12% from Jan. 8
“I’m urging you to have a lot of cash on the sidelines and put money to work gradually ’cause there may be more bad stories,” Cramer said. “You buy slowly in stages. Next week is stage one. There will be more stages, likely at lower levels.”

For access to live and exclusive video from CNBC subscribe to CNBC PRO:

» Subscribe to CNBC TV:
» Subscribe to CNBC:
» Subscribe to CNBC Classic:

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:
Follow CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Instagram:

#CNBC
#CNBC TV

Work from Home for Women – Mrs Leena recommends IndianMoney.com | 022-6181-6167

Watch | See what Mrs. Leena, one of the beneficiary of IndianMoney.com's Flexible Employment Opportunity to empower Women has got to say about the initiative.

To know more,

Watch |

Leave a missed call for unique opportunity,

—————
022-6181-6167
—————

As per census 2011, women represent 49% of India’s population. But as per a recent study Women represents only 27% of India’s working population as on 2014-15. This was in fact stood at 37% in 2004-05, which means there is a drastic drop of close to 10% in 10 years, even after so many initiatives by the Government & other Organizations to promote women Empowerment.

The reason for this downfall is not lack of initiatives, this is due to lack of right initiatives. Working women in India can’t just limit their responsibilities to their professional life. They do have their own responsibilities to drive their family in the right direction while they wish to contribute for the economic development.

Therefore, IndianMoney.com has launched a very unique social initiative to provide flexible employment to women who have the will & skill to work but are looking for flexibility.

Yes, we understand that women’s share in working population will sharply rise if we offer them flexible employment where they can work at their own time & from their own place.

IndianMoney.com, India’s largest Financial Education Company, is now hiring Wealth Doctors with an option to work from home with flexible working hours. This will not just provide you an opportunity to earn but also to learn while you help people make wise financial decisions.

All you need to do under this existing opportunity:

1. You will have to undergo Wealth Doctor Training Program post completion of interview & selection
2. You will receive calls from Individuals who are looking for unbiased financial advice
3. You will have to educate them using our Financial Education Platform sitting at Home
4. All you need to have is a computer with internet connection

Most important:
1. You don’t have to make any investment
2. We will provide you FREE Training
3. You will earn even during training

What are you waiting for, Come Join Us & Make India a Financial Literate Nation.

Learn to SAVE,SPEND,INVEST and BORROW consciously by just subscribing to our IndianMoney.com channel

You can also Visit us at

Like us on Facebook

Follow us on Twitter

Add us on Google+

Join our network on LinkedIn

Follow us on Instagram

Thanks for Watching!

"Be Wise, Get Rich".

The $64 Billion SECRET Why the Stock Market Rallied Over 1000 Points!

LOOK THROUGH MY BOOKS!

SUPPORT MY WORK:
PAYPAL:
OTHER:

—————————————————————————————————

MY FAVORITE BOOKS:

—————————————————————————————————

AUDIOBOOK:
STEEMIT:
T-SHIRTS:

—————————————————————————————————

Sources Used in This Video:

—————————————————————————————————

#stocks #money #invest