Stocks declined sharply Monday as investor optimism over the rollout of coronavirus vaccines was dashed by a climb in infections and fears of tougher restrictions and lockdowns.
TheStreet’s Katherine Ross discussed breaking news in the stock market. Cramer spoke aboutÂ Tesla’s stock rally, the rise of Bitcoin and markets on Monday.
Tesla: Buy Or Sell?
TeslaÂ (TSLA) – Get Report shares are set for another all-time high Monday as investors react to the clean-energy carmaker’s record delivery total of nearly 500,000 vehicles last year.Â
Cramer said Tesla reminds him of IntelÂ (INTC) – Get ReportÂ when it started rolling out the microprocessors. “I do believe every time Elon [Musk] opens a new market like he is about to do with his factory in Berlin, the stock would go up again. It’s really a question of do you believe in the idea of generations. My thinking is if you don’t have any you could still buy some [Tesla shares]. Don’t buy a lot but you can certainly buy some because the roadmap is clear and President Biden would do anything to make EVs the central form of public transport.”
Bitcoin: Buy Or Sell?
Bitcoin topped $34,000 on Sunday, after hitting $30,000 for the first time in its history the day before.
Cramer said he bought it as an asset and not as a trade. “I’m not doing anything that I wouldn’t do with a stock which is to take my cost basis out on double. What’s worrying me is that the run came out as way. It went from being a currency to being a speculative object. The good news is not that I’ve got my costs basis out I’m going to say hold on and if it ever got back to $14000 or $18000 I would buy more.”
Markets on Monday
The Dow Jones Industrial Average was down 511 points, or 1.67%, to 30,095, the S&P 500 fell 1.8% and the Nasdaq declined 1.83%. The Dow and S&P 500 had set intraday record highs soon after markets opened Monday.
Cramer said there is a change going on right now. ” A lot of the stocks that people loved like OktaÂ (OKTA) – Get Report, DolbyÂ (DLB) – Get Report, SalesforceÂ (CRM) – Get Report, they need to rest and instead people have to be thinking about the down and outers that must be bought. I prefer people to not buy the oils but again ChevronÂ (CVX) – Get ReportÂ and Pioneer EnergyÂ (PESX) – Get ReportÂ are the ones to buy.”