Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets slide : Stocks initially popped Friday after the goldilocks-ish February jobs report , but the fever finally broke in the red-hot semiconductor group, causing technology and other related stocks that looked overextended and a little "toppy" to give up gains.
"I sense that tech is taking a breather because of the reversals. Once the market took down Broadcom, Marvell, and MongoDB it decided to take down the rest of tech," Jim Cramer said.a night earlier. The reasons behind the pullback: A sky-high bar into earnings due to the stock's doubling in the past year, lack of full-year outlook raise despite the quarterly beat, and a general breather in the frenzied chip-stock trade.
"In 10 days, we get keynote, which happens to coincide with the cycle downturn that Larry Williams has been calling for," Jim said, referencing aAs discussed on the show, the charts interpreted by Williams, a market historian whose work is frequently featured on "Mad Money," suggested thecould go through a rough patch beginning in the next week or two that could extend through the end of May.
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