Mad Money w/ Jim Cramer 4/14/26

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I'm here to level the playing field for all investors. There's always a moment somewhere, and I promise to help you find it. Man Money starts now. Hey, I'm Kramer. Welcome to Man Money. Welcome to Kramer. I got doing friends. I'm just trying to make you some money. My job, not just to entertain, but to teach you. So call me at 1-800-743-CBC. I'm your sweetmeat, Jim Kramer. It just didn't happen. Those four words are the only excuse millions of people have from missing out on this unbelievable rally. And of course, many other rallies going back years and years. Think about it. How many times have you been scared out of the stock market, only to find out that the terrible, horrible event that frightened you just didn't happen? So it's still one more monstrously bullish day where the Dow gained 318 points. It's a jump of 1.18% in the Nasdaq. Shut out the lights. Up 1.96% House of pleasure. Fueled by another big decline in oil. We need to have a serious discussion. You and me, about why so many of you left this market in the last month. We need to do it because now I'm sure many of you feel like it's too late. Just going to sit this one out. Maybe you'll never buy stocks again. That's not too late. Although I think the easy money has been made. I wouldn't feel better if you waited for some couple down days to do some buying. Maybe the war will give us a couple. Frankly, we're so overbought that the only thing we're doing for my charitable trust, which is followed by the CMC Investing Club, is we're doing selling. Now we're going to go over the sales on the Thursday noon investing club meeting. Hope you join. But you know what? We don't want to put on new companies on our buy list right now. We've got some stuff we're itching to buy, but we're unloading some of the stocks that have gone parabolic. That's a parabolic move. Just like we were buying what was most oversold two weeks ago. So now it's like I'm here saying all clear. Give me a break. I just want to tell you about the truth. What happened here? Because at some point it's going to happen again. The journalist head fund community will always be there to oblige you. I know it. Try telling them about these four dangerous words. It just didn't happen. Believe me, they will be in total denial mode. It wasn't their fault. First, let's tackle what's going on around. Now I want to make a tough call here. I'm not political. I think a lot of people that were fed up with President Trump, they read the media coverage and figured it had to be a disaster. They predicted oil would go to 150. That the U.S. had lost already. They thought chaos was ahead. I think they let their feelings for the president interfere with their judgment about stocks, about stocks. Not about the political situation, but about their stocks, their portfolio. But even though the war hasn't gone as well as our leaders were hoping, hey, no kidding, apparently that's just not a big deal in comparison to what really matters to the price of stocks. Stocks are priced off the bond market. Sure, it's trouble for the global economy that the strait of remuneration is closed, but long-term bond yields peaked a little less than three weeks ago. If bond prices had gotten hit and rates had soared higher, believe me, you and I wouldn't be talking like this. The market would be in real jam. We'd be down a lot. But you know what? It just didn't happen. Why are rates so important? Because they're the real fuel to the rally. As long as rates are tame, I expect the new Fed chief will be able to get the open market committee to vote for a rate cut. Maybe even at the first meeting. Why not? As Larry Fink, the founder and CEO of BlackRock, said to me this morning, oil could be cut in half when the war is over. Where would the market be if that happened? You and I both know exactly where it would be. Much higher. Second, how many stories did we read about how private credit? Remember that? You had to learn all about that? What's the tick, tick, ticking, hydrogen bomb that was going to go off right here? We extrapolated the problems of one firm, Blue Owl, to all the other firms, Apollo, Aries, KKR, Blackstone. And we took everything down. Hedge funds and the media scared you every day, arguing that this trillion-dollar business was incredibly dangerous because a lot of software firms were going private, financed by private credit, and a lot of their debt was owned by the afford-mission firms. It is true that a lot of their investments will be under attack by artificial intelligence. I think many of these portfolio companies will have slowing sales, but since they're private, we won't hear about it. The bears talked about this, like it would bring down the entire private credit edifice, turning the whole group into roadkill. They sounded so sophisticated. They were so smug. But guess what? That doesn't happen. Now, do I want to own Blue Owl? I mean, someone might say, hey, Jim just said, pull the trigger on Blue Owl. They know nothing. But so what? That I don't like that. Oh, yeah, there are cockroaches out there, Jamie Dimon, C.F.J. Pymorion likes to say. Many of the cockroaches are some of these private equity holdings. Some of their debt may go under. It may be good as zero. I don't know. But these funds are gated. Only a small amount of money can be taken out at any given time. Usually, you get your money back after six to 10 years. That's why there can't be a run-on private credit fund. No bank rent, no systemic problem. I feel the same way about Wells Fargo. I was surprised, like so many others, to see how much private credit they own. I didn't like it. Deck the stock. I really missed the quarter. But I think that stock's trying to bottom here. It's the worst of the major banks, though. We own it for the trust. We're real disappointed. Stock can come back a little bit, only because it's inexpensive. And some of these private credit situations are better than others. BlackRock has good private credit, if you insist. Third example. How often do you read the collective obituary of the Magnificent Seven and therefore for the entire market? You know, we even joked on Squawk on the street that we had replaced the Magnificent Seven with the Chem Seven. Seven chemical companies, they're doing great because the Iranians bombed the gold-based competition and closed the trade of removes. Could a real rally be mounted without these titans? Oh, we heard it can't. Right? No way. Not only that, they deserve to trade down. Are you? How many times have they deserved to trade down? What does deserves got to do with it? But now look at them. Look at them run. Nvidia, which had become a real laggard, came roaring back to life the last couple of days. Do you know how many times I heard that Google was eating Nvidia's lunch with its own chips? Or how about Amazon was tired of paying the price of Nvidia one? Or that Nvidia was investing in companies so they would buy goods from Nvidia so-called circular deals? Or how about when it didn't get to China orders? The negativity never stopped. Just endless explanations for the demise of the stock that never should have been up. Remember they kept saying never should have been in the first place? It was the most overvalued stock in history. That's what people were saying. So down goes Nvidia. Down goes Nvidia. Kind of like Frazier, you know? Not Jane Frazier, but like the real Frazier. And it just wouldn't stop until it got down to 165 less than a month ago. At that level, when it was selling for less than 17 times earnings, for what I think will be the forward earnings, we got a crescendo sell-off where everyone who wanted to sell sell sell sell sell sell sell sell sell. Everyone insisted that something bad was going to happen. Finally dumped the darn stock. Now, maybe the pain just became too great for these sellers. Many of whom didn't even know what Nvidia was or did. Whatever bad that was supposed to happen to Nvidia, it just didn't happen. And now Nvidia is back up to 196. Look, I could play the same game with Amazon where the stock had been left for dead. At the end, this one bottom, when we heard that the web services were slowing, retail was weak and Walmart was eating their lunch and Jassy just wasn't Jeff Bezos. Really? But then Jassy wrote a letter that explained how Amazon is doing next year and you get 25 points. What is that about? Then it buys a satellite company and other 8 points. The big disaster of Amazon, whatever it was supposed to be, it didn't happen. Alphabet got dinged last year, it's come all the way back. Apple never really went anywhere. I think it's ready to roll. Meta just announced a new AI model, new spark. Critics liked it. Meta had spent a fortune on talent. It didn't seem to be paying off. Then today the stocks surged 4.4% on top of some big move yesterday. Was the crisis averted? No, you see there was no crisis. It just didn't happen. Of course Microsoft, they're behind. It's software. It could get hurt by Anthropa again opening AI, no doubt. Honestly the business isn't growing the way I'd like it to, but I can tell you that Microsoft can make big changes once. It has the balance sheet to make big changes. It ought to make big changes. Let's hope it does. Let's put it all together. What we have is a rally that appears to be based on nothing, but in reality it's based on the fact that most of the things that we were worried about just didn't happen. Here's the bottom line. If you're really scared and can't sleep and need Xanax or a Clonopon or maybe even Cerakwell, you can sell tomorrow and get great prices. As they say on the trading desk, that's better than a sharp stick in the eye. Let's hope that's another thing that never happens too. Oh, let's go to Stephen in California, Stephen. Hey, Gene, how are you? Stephen from Sherman, Oaks, California, how are you? Oh man, I lied. Oh wait, I mean like hey, right? I mean, am I right? Okay, let's go. Gene, I just want to ask you, what do you take on the Deutsche Bank? I bought it to 39 couple like a month and a half ago. It went down to 28, now it's keep going, starts climbing up quite. Well, Europe's tough. I think it's good to come back, but I got to tell you, when it comes back, will you please do the logical thing and change it to Bank Santander? S-A-N, that's the one you want to be in. That's the one it's about to break out. S-A-N, Anna Boutique, great golfer by the way, went to the master. I got offered to go to the master, should I go? My wife got her chin, want to go? She said, what's the master's? I said, well that's perfect, isn't it? It's like none other. It's easy to say we've rallied based on nothing, but it's really due to the fact that our worst fears have been transpired. Well, maybe tonight. It's time for you to say all aboard for Bikey Holdings, like some sort of railroad. I'm sitting down with a cruise line CEO from one of the flagship vessels, a little more about the journey ahead. Then the market's recent volatility has created some great opportunities to get into growth stocks at lower levels. I'm going to run through five of my favorites, and the market is seeing me taking this cute from the price of oil recently. But it's that correlation breaking down, I'm going off the charts to find out. So stay with Kramer. Don't miss a second of Mad Money. Follow at Jim Kramer on X. Have a question? Tweet Kramer. Hashtag Mad Mentions. Send Jim an email to madmoneyatcnbc.com or give us a call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com. Your life keeps moving. Choose an MBA that can keep up. The Flex MBA from Virginia Tech's Pamplin College of Business is designed to work how you work, now and in the future, so you can flex your schedule, not your momentum. Our expert faculty and network of Hokies prepare you for leadership roles and opportunities on your terms. This isn't just earning credit. It's earning recognition. Flex forward into your future in business. Discover the Flex MBA today. The Flex MBA from Virginia Tech. The Flex MBA from Virginia Tech. The Flex MBA from Virginia Tech. The Flex MBA from Virginia Tech. The Flex MBA from Virginia Tech. The Flex MBA from Virginia Tech. The Flex MBA from Virginia Tech. Terms and conditions apply. Hiring to it the right way. With Indeed. If you dread dealing with your insurance company more than you dread being stuck in an elevator with a total stranger who's an oversharer, then you might have insuranoia. And if you have insuranoia, then you should have NJM. They go to great lengths to do what's best for their policyholders. No jingles or mascots. Just great insurance. NJM. Insurance underwritten by NJM Insurance Company and its subsidiaries. What do we make of the cruise lines in this environment? Viking holdings, a higher end cruise line, has been the best performer of the groups since it came public roughly two years ago. And it sucks up a quick 10% since it was reported last month. Like this being a very tricky environment for any connected consumer. Other than that, I got to speak to this sensational tour haggen. He's the chairman and CEO of Viking holdings aboard the Viking Octantis here in New York. Take a look. Tour, I have to tell you, we could start with the numbers or the 52 E.K.I. All those things. But I'd rather prefer to start with something elevated by industry leading excellence. You've been number one for rivers, number one for oceans, five years in a row, a con-di-nass traveler. How are you capable of doing that? Well, we obsess about quality. We obsess about our guests. And that's a promise I made to the new shareholders when we went public. And you can say that is a lot of our mantra. We have a management team that meets every Thursday. And top of that agenda is we go through the cruises of the previous week and we say, okay, what was the quality? Was there any problem whatsoever? It is really number one. And the rest should then take care of itself. Okay, so tell us about this ship and how it fits in with your mosaic of ships. For many years, we said we should be in Antarctica. So we need to build an expedition ship. So we had a contract with Finca Tieri and one day I sat in the office in LA and we had a brainwave saying, there is something called the Great Lakes. You mean like the Great Lakes like we have? Exactly. Like Huron. And like Aery and there is a canal which bypasses the falls. So we said, what is a beam of the canal? Is two feet too wide? So we called up the guy on the design team and said, you have to put it on a diet. You have to lose two feet. And hence we now have a ship that can fit through the well and canal. And the cruises we do in the Great Lakes are really phenomenal. It is, I think people should realize that you go to seven continents. There is any place you won't go if it's exciting to people. And you personally get involved in deciding whether something could be explosive and interesting. Yes. Amazing. And I feel I have a lot in common with most of our guests. I think our guests are probably well off. But you don't have to be filthy rich. You should be curious, interested in the world around you. And I feel even at my age I continue to be interested in the world around me. There are people who have made their money. They know the value of money. So we shouldn't toss things around and be extravagant. We should really be very thoughtful about how we spend our money. But it's good business because every year you have grown at much greater levels than others. What's wrong with that? Nothing at all. Now, obsess over our guests and continue to do what is right for the environment. Treat employees as part of our family. Continue to be contrarium. What does that mean? Well, I think if you're going to accomplish some great things, you have to behave differently from the masses. You can say when we started our ocean business in 2015, it was really 2012, then people so desperate from the previous financial crisis, nobody dared to order ships and said, okay, we go ahead, we ordered. Nobody thought it was possible to start an ocean cruise line from scratch at that time. And similarly, I must say the way we got into Egypt after 2011, and that had the smaller revolution there. We went down there and we said, we are behind you. We like to be part of this. And now we have eight ships there. Now, last couple of months have been a little bit of a hiccup, but it's not a big deal. But you explained in your notes that people in the Jordan trip, you asked them how many people want to go home and only two people raised their hand. You said you have hardy patrons. Exactly. And I think COVID, we did differently from others. We saw early on what was the problem with COVID. So we did a big simulation model with American universities. And we realized the only way people could be safe is if you tested everybody on board, everybody meaning crew and passengers or guests every day. And we had a saliva test, which we had PCR laboratories on board. So we were the first one to stop, but we were also the first one to start. And people felt very comfortable about our ships. And I think that hopefully that's one thing I can, I hope people will say about us, that they trust us. But you're kind and you're thoughtful in some of the traditional values that I hear from Amazon. Yes, I hope so. Jeff Bezos. Yes, I hope so. Because I know that these are so he shares some of these. Well, there's nothing wrong in copying people's ambitions. No, there isn't. Now, one of the things that I will not find on your ship, I've looked for the casino, I looked for the screaming children, I did not see them. No. In the old days, you could maybe get into the Chinese laundry and have a game of cards with them. But these ships are about, it's about being calm. And I think that's why our guests come here. And when you look at where we source our guests from, I'm a little bit, you know, we now have a public company, so you can see where we get our guests from. But when you look at it, you see that we get them from the big cruise lines, with big ships. And I understand it well, who wants to be on a ship with 5,000 passengers and a few screaming kids. So we are really sourcing from them. So there are many people who get to a certain age, say, if I now want to go somewhere, I want to have some culture, I want to have some peace and quiet, they should come with us. At the same time, Leah, who is your CFO on your conference call, said, look, you are not just a cruise operator, you're also a marketing company. So you admit that you spend quite a bit on marketing. Yeah, half of it is wasted. It was not Ogilvy who said that. The money is spent on marketing, half is wasted, if you only knew which. Who knows, but you do have competition. They're moving into your river, they've seen that, they want to be on the river, or they just can be riverboat gamblers. No, they're not gamblers, but I'm not so sure. If you need to see our filings with the SEC to figure out where one's customers should be, then I think you're lacking something. So I believe that if a good disclosure is good for everybody. I know you are completely open about everything. For instance, you talk about your fuel costs, you admit there's certain height, you list, I know that you did everything but mentioned the day and you're not being deep this year. We didn't have a problem with the day. Not yet, you said you're watching, but... But even that we have a remedy against, because we have a huge experience, so the ships are identical, so if there's a problem, we start one ship in one end and the other in the other, and then they meet where the point is. Is it serious? Yeah. We're down to an arch. Well, I mean, are you ready for the spike in fuel? I mean, you seem to be a person of the world. I know that you could expect anything. Yeah, fuel has occupied us. I spent a lot of my time on it. I think our ships are very fuel efficient from the get-go. And it's only 5% of our revenue that goes through fuel, so if we are not hedged, then it can hit our margin. But of course, we have been recently well-hedged for this year, too. Well, I've got to tell you, Tor, it is just a great honor to be with you. You're the king of this industry and it is very deserving. No, we don't like kings. Oh, well, that's actually a wrong choice. You're the comidore of this industry. I don't like that either. All right, give me something. Leader. You are the leader of the industry, Tor Higgins, the chairman and CEO of Viking Holdings. Congratulations to all the greats that you brought to us. Thank you. Thank you. Coming up, looking for stocks set to grow this spring? Kramer's picking his five favorites he expects soon to be in full bloom. Next. Your life keeps moving. Choose an MBA that can keep up. The Flex MBA from Virginia Tech's Pamplin College of Business is designed to work how you work, now and in the future, so you can flex your schedule, not your momentum. Our expert faculty and network of Hokies prepare you for leadership roles and opportunities on your terms. This isn't just earning credit. It's earning recognition. Flex forward into your future in business. Discover the Flex MBA today. It's tax season. And at LifeLock, we know you're tired of numbers. But here's a big one you need to hear. Billions. 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We know the market's been surprisingly strong since long-term interest rates peaked a little less than three weeks ago. Remember, I think that's the precipitant for this rally, leading the SB500 to bottom a few days later. But even after a tremendous rebound, and boy, it has been amazing, there are still plenty of terrific growth stocks that are down substantially from their highs. That's why I'm in the hunt for growth names in the S&P that are still in bear market territory, meaning down 20% or more from their highs. It's still on track to deliver better earnings growth than the overall index this year. The SB500 as a whole is expecting to have 16.8% earnings growth in 2026. That's a lot. At the same time, you want stocks that are cheaper than the overall market, meaning they sell for less than 21.5 times this year's earnings estimates. See what we're doing? We're putting together a screen here. Within the S&P, there are currently 153 stocks that are down more than 20% or more from their highs. Within that group, 37 of them are expected to grow earnings per share faster than 16.8% this year. And of those 37 stocks, 17 of them trade at a discount to the SB500. These are 17 stocks that offer discounted growth. And you know what? For the most part, the companies are pretty darn good. That's the objective part of this exercise. Now let's get subjective. I want to walk you through my five favorite companies of those 17, five that I think are actual buys right here, even after the run from the bottom. Let's take them into sending order evaluation. First up, one that I wrote about and how to make money in any market. I can't believe it's down this much. Uber Technologies, the rideshare kingpin with the big food delivery business. Uber's down 29% of its all-time high set last September. Despite the fact that the companies per share are earning per share, expected to grow at nearly 40% clip this year. This one barely made it onto our list though, because its valuation is just below the S&P as a whole, trading at 21.3 times this year's earnings estimates. Now as I've told you before, I think Uber stock has been weighed down by overblown worries about robotexies from the likes of Tesla and Google's Waymo. Uber owns a network of 200 million monthly active users. The best way for the robotexie alphys to grow is by partnering with them. Just yesterday we learned that Uber and the autonomous driving company Neuro planned to launch a premium robotexie service in San Francisco later this year. On top of that, thanks to the recent pullback, Uber stock is finally cheap for the first time in years. What's not to like? This sell is creating bargains. Next up, there's Vistra, one of America's largest independent power producers, with a stock that's down 25% from its all-time high in late September. Vistra's earnings per share are all in tract and more than double this year. You have to stock sales for less than 19 times this year's numbers. Now there was a time when this stock was unstoppable because Vistra got a huge nuclear power business. Over the past five years, it's up well over 800% thanks to the surge in electricity demand from, yes, of course, the data centers. But like most things connected to the data center, Vistra shares got ahead of themselves last fall. It felt like there was no price too high for investors who wanted an exposure to power generation, especially with the nuclear kicker. It just kept being bought and bought and bought and bought. So I was actually happy to see these companies cool off a bit over the past few months. At these levels, I think Vistra's a buy-in. Like I said to a quarter of a way, I said about this name last night, you're getting some of the best growth in the SB500 for under 19 times. I know it's utility. Doesn't matter. It's a steal. Third, there's one that frankly was so hot for so many years, I don't believe that people could totally give it up on school booking holdings. It's the old price line. It's booking.com, kayak, open table, a couple of other consumer travel entertainment brands. Okay, here's this stock that's down 22% from its highs because of AI displacement. I mean, we think it's going to be disrupted because the online travel agents are basically aggregators, right? And Anthropics Clawed can aggregate too. I get that. That's a threat. At the same time, we don't know really how the travel business will handle the war with Iran and the spike in oil prices. Booking also has more exposure to Europe than its main model, Expedia, which likely means they're in worse shape. Because Europe is feeling more of a squeeze economically thanks to the Skyhine natural gas prices over there and gasoline, of course. But I think a lot of that's really kind of already baked into the stock. Plus, when booking holdings reported mid-February, imagine it sounded pretty confident. They offered a strong four-year forecast. Of course, that was before the war, but at 17 times earnings, I think the prices right for this company that's expected to deliver 17.6 earnings growth. 76% earnings growth at 17 times earnings. That's good. At the same time, I'm betting people need a vacation after harsh winter or stressful few months. When the war ends, I think this thing's going to soar. Fourth discounted company is Southwest Air. Yes, this value-oriented carrier has been making big changes over the watchful eye of the activists at Elliott Investment Management since the summer of 2024. Stock's done very well over this period before peaking in mid-February as investors realized that a war might be coming. But Southwest is now falling about 25% in less than two months and trading less than 15 times this year's earnings estimates, even though the company's earnings expected to be more than triple this year. The risk here is that Southwest won't be able to make the numbers thanks to much higher oil prices. Then again, the earnings estimates have already come down big from over $4 per share when the war started to just $2.86 per share as of today. And that's still more than three times what they earned last year. Long story short, I think Southwest is a terrific turnaround story and you're now getting a chance to buy it at bargain-basement prices that I didn't think you should trade down to. And who knows? You know, I was thinking all day about this. Did you hear this thing about United might want to merge with American Airlines? Okay, that seems very unlikely to me, even if the Trump administration doesn't block it. The states will sue. No judgment rule in that deal's favor. However, if the big airlines are eager to consolidate, I think they might want to own a smaller mid-sized airline. I think they might want to own Southwest. The bond that is first solar, the solar panel maker, is down nearly 30% from its peak set last December. Even as the companies expect to post 27% earnings growth this year. Oh, and the stock trade is just over 11 times this year's numbers. Insanely cheap when you consider that first solar is still huge from its post-liberation day lows roughly a year ago. For once, what Larry Fink, the CEO of BlackRock, the largest money-matter in the world, told me this morning that solar could be huge for our country. He's big bull on solar. I think that's a clarion call to own the stock of first solar. I think this one's been hurt by some misconceptions that the Trump administration's attitude toward renewable energy is to dislike this. Look, we know Trump dislikes wind, okay? Maybe because our offshore wind turbine's running in the view of one of his golf courses in Scotland. I don't know. People don't like it off of Mars. They don't like it off of Dan Tuckett either. I know that. But he's got a lot of that. And no real animosity that I've heard toward solar review, even if he doesn't want to subsidize it. It doesn't matter. Plus, first solar is a national champion of sorts with a significant advantage in a high tariff era because so much of its production is domestic. And there's a new catalyst, too. Spiking oil prices tend to be great news for alternative energy stocks. At 11 times earnings, this stock's just been overlooked. I think it's too cheap. So here's the bottom line. While the averages have rebounded like crazy over the last two weeks and a lot of the bargains are no longer as this, there are still a bunch of high-quality growth stocks that are down big from their highs and trading at what I consider to be bargain-basement prices when it comes to the P.E. multiple. My favorites are Uber, Vistra, Booking Holding, Southwest Air, and First Solar. Now, the market, again, is very overbought. But I think you put a starter position on any one of these and then buy them on the way down with tremendous confidence. Let's take questions. Let's go to Jerry in Missouri. Jerry. Hey, Jim. Thanks for taking my call. Of course. Jim, I've grown to hate the term SaaS apocalypse. Last summer, the word didn't exist. That's when I built a position in this stock. And since then, it has round-tripped for me. I'm net-positive and I trimmed someone that was much higher, but I want your opinion. Do you think I should sell out or hang on for better days than App Lovin'? Okay, App Lovin' was really not as much a SaaS story, a SaaS cop-like story. And I appreciate that because a lot of these stocks are that have come down. As much as we think that Google's going to come into their market, if that's the case, the stock's selling at 27 times earnings, it can go lower. It's bouncing right now. Why don't we let it bounce? I don't know. It's at 433. It could probably bounce at 450, 460. But then I think you've got to trim it because I do fear Google myself. Look, there's still a quality, a bunch of really, really high-quality stocks out there that are trading at parking-based prices because it's hell-off. Hopefully this list will help you identify some of my favorites. Remember, I did a screen, picked the best of the 17, you got the five. Much more made money at the SB500 has wiped out all its losses since the start of the war in Iran. So could new all-time highs be next? I'm checking the charts with the help of Jessica Inskip, who will join me right here on Set Next. It's not always easy to stay invested during turbulent times like these, but tonight I'm breaking down why a long-term mindset is the key to accumulating wealth in the stock market. And all your calls wrap up for our tonight's edition of the Widen round, so stay with Kramer. You're going to love this block. It's a very tricky moment if you care about the fundamentals. The actual facts, the ground about both the broader economy, how individual companies are doing. Sometimes it feels like pure chaos. If the state of the world is in flux, it's very difficult to come up with predictions of the future. But when we can't rally or rely on the fundamentals, I always like to fall back on the technicals, meaning the charts. They'll explain more than the fundamentals ever can sometimes. That's why tonight we're checking in with Jessica Inskip. She's a brilliant technician you've heard about the show. She's the first woman on the active trader desk of fidelity, now director of investor research at stockbrokers.com, as well as the co-host and founder of her Market Maker podcast. Oh, she's got a great track record lately, but for a long time actually. Right now she sees a market that seems to care a lot more about earnings than oil. Ms. Inskip, welcome back to Mad Money. I'm going to give you the floor. I'm so excited. Let's go into it. And I've got a surprise for you today. All right, I'll take it. We have some fundamentals, but let's look at price action. So last week where I left you, we actually, the week before we were looking here, now we have blown through every ceiling of resistance. So you know, I look at the 13, 26 and 40 weekly moving averages, which represents quarterly. So we look at one quarter, two quarter, three quarters worth of pricing. We have hit my ceiling of resistance. Okay. But that's good for price action. That's put us in a bull market or that trading bullish trading cycle. This is also very positive. This is our MACD crossover line. So once this crosses over. Right. Okay, right there. Cross over. That's a positive signal that could give us more momentum. However, this requires a catalyst. There is so many touch points here. When there are touch points, it's become psychological. So for example, if you bought here, you bought here, you bought here. The second we go up here, you might say, okay, I'm break even. Lord, get me back to even and then you got there and you go. Exactly. But that's foolish sometimes. It is. I agree. It's an area of supply is what we call it. So we need to know, we'll demand overcome supply. In which case I need to look at breadth, which is where we look at the equal weight. All right. Let's do that. Let's go to breadth. The second chart. We shall. All right. So equal weight. Now this is interesting. Okay. So equal weight is not the MAG7 as big, right? We got to do that. Okay. Yeah. Because it's done. The technology is dominating the market, dominating the theme, dominating the index. So we are giving equal weight to each security. What is interesting here? We really did retain mostly the bullish trading cycle. This is a much better chart to me. Than the previous. Okay. Yes. Okay. Because this is my strong zone, very similar to what I was saying before where there's this large area of supply, that psychological level. We've overcome that psychological level. Now, this right here is our area of support, which is our 13-weekly moving average. It's on the top. Okay. We have a lot more momentum to go. But now some of them might say, yeah, but so what? I mean, Nvidia is really big and Microsoft is really big and Apple is really big. Why should we use that? Well, because then something could come in and break that thesis very, very quickly. Okay. And that's not diversification. It's not healthy. True. It's like a group project when the one person is leading the way. Very true. We don't want that. But what I think is interesting is I wanted to look at oil and the correlation of oil. So I built an index, if you will. So what I've done is I've taken the S&P 500 and WTI as oil. This is our proxy. I indexed it to 100. So I'm normalized it. Would you use Claude? I did use Claude. Yeah, everyone uses it. It's like ridiculous. Everyone uses Claude. Who are these other guys? What's important is I indexed it to 100 on 3-2, which is the first trading day post-Iran conflict. Okay. So what I'm looking for is something to come back to this 300 level. Now, I wish I could make this a logarithmic chart, but unfortunately I could not. But what we see is all of a sudden the divergence. Right. So this tells me that the market is very dependent on oil. Oil is up, market is down. That's what's happening. Now, what I'm looking for, and I know this is a small line, but the fact that this has gone all the way back up to 100, but oil, the correlation is diminishing, which means it doesn't matter, even though it had happened today. Oil was down, we had a very strong rally, but it doesn't matter as much. The market is moving away from really caring about oil, and it's seeing through that, and it's focusing on the season that we're in. Earnings. Which is... Now, where's the bond market figuring this? So I think it's an important component of it, and I actually like to look at the two-year for this one. Okay. Because the two-year moved more than the 10-year post 3-2. True. Which is odd, but yes. Well, I think it had to do with short-term inflation expectations. Yes, it's true. We've moved up more than long-run inflation expectations, and I think that was reflected in the bond market. And we saw every bit of that reverse, though. The dollar started weakening, we saw a gold rally, and that gives me another indication. We could probably build a whole model on this. Jim, it'd be so fun to pick your brain. Well, I mean, in truth, I mean, I'm bulged about earnings, and I factored them in, and I like the fact that interest rates didn't go sky-high. So we're pretty much in sync, because as a fundamental secretary of the earnings, I think we went very, very good. Yes. Well, they held the line. I'm really excited to show you the next chart, where we're going to bring in some earnings. So... Oh, there you go. All right. So what I've done here, on this AXX here, we have earnings. On the X axis, we've got prices. So what I'm looking at, I know in your book, how to make money in any market, is you like to look at P.E. ratios. I do as well, but as a technician, I like to layer on more technical... No, but what you're great about, you just... You don't disparage the fundamentals, you embrace them. Absolutely. Thank you. So what I'm looking at is, instead of just purely the ratio, and this is the forward earnings looking for 12 months, and it is quarterly, so it is going to include the rollovers, so keep that in mind, is what is the percentage increase of prices versus the percentage increase of EPS expectations? Okay. So if price is falling, so right here is where we were, this was the great, my undervalued opportunity box, and so was this, we probably moved a little more over here today. But price was falling, but earnings were maintained, actually went slightly higher, which put us into an undervalued opportunity. Right, okay, price falls, this stuff didn't get adjusted because they're not, we're bullish on these, and you got a great quadrant there. Exactly. Okay. Price fell, earnings were maintained and increased. Right, that's a great opportunity. Yes, but this is a great way to visualize that, rather than just looking at this number and trying to understand the numerator and the denominator. So now, this was March, this puts us into yesterday, we had a huge rally, which puts us over to uncertain growth, the reason why I call it uncertain growth is we are rallying more than the earnings are, which means we must have earnings follow through in order for the rally to finish. Or else, or else. Or else, and that's the concern. But now we know what we have to focus on. Right. Which is earnings. Wow, I gotta tell you, I am, let's just talk about this for a second. Okay. At what point do you say you missed it, Jessica? So I don't think yet, but it happens around here. This is speculation, so healthy. Okay, so that's what I'm so worried about. The speculative juices were back, we're starting to see it again. They are, but if the speculative juices, if price is rising and earnings isn't as well, at least according to this model, which has been back tested, of course, then we worry. That's when it's speculative. Which happens here, which price rising, and if earnings aren't moving at all, that is speculation because the market's getting ahead of itself. Okay, so we often talk about volume and that it's a polygraph. What are you seeing for volume to back up all your stuff? Is it strong enough for you to feel that the prices you're seeing are trustworthy? Yeah, absolutely. I think there's a lot of volume. Now, the one thing that does concern me is I do see a little narrowness. You, I'm sorry? Narowness. Yes, see, that's okay. I'm worried about a little speculation, a little about narrow. Yes. What we'll do is we'll just watch. That's what we have to watch. Okay? Well, look, I can't thank you enough, Jessica. I was my father. I was Director of Investor Research at stockbrokers.com. I could have gone on for a, I mean, it's just, it's a delight to have you on the show. Oh, it was wonderful. What can I say? Thank you. We have money, it's back, end of the break. Coming up, you've got questions. Claimers got the answers. Get charged up for a fast-fire lightning round. Next. It is time to come to the lightning round. I'm going to start here by myself since I'm just going to open the door. I'm going to start my stand for a break, put it in the play to self. And then the lightning round is over. Are you ready? Steve, back to lightning round. I'm going to start with Mike in Illinois. Mike. Hey, Jim, this young and profitable debt-free B2B e-commerce company, what do you think buy, sell, or hold, GCT, get your cloud technology? I met the guy who runs the company and I've got to tell you, I was so impressed. I said, I'd look at it and you know what happened? I never did. And all that's happened is the stock keeps going higher and higher and it's very inexpensive. I'm glad you brought it to our attention. Let's go to John in New York, John. Oh, yeah, Jim. How you doing? I'm doing well. I'm doing all right. Thanks, Jim. So I own CCC, Intelligent Solutions. Yeah. No, no, it's a cloud-based for insurance. I mean, you know, I'd rather see a own, I, well, I'll tell you, I mean, how about owning some Berkshire Hathaway? I think there's a insurance company that's better. I don't, you can buy Lemonade if you want to do something that's got a little AI in it. Let's go to Ryan in Illinois. Ryan. Yeah, Jim. First time we call her longtime listener. Okay. My stock today is Asana. Yeah, this is another one that's going to be disrupted by AI and I have to agree with the people who are selling it. I think it's going to be actually hurt by that. And that letting Joe's conclusion of the Nightingale. The Lightning Round is sponsored by Charles Schwab. Coming up, Framers recapping his conversation with BlackRock CEO Larry Fink to show you what can be gained by following this one simple principle. Next. It is time to cover the Lighting Round. It is time to cover the Lighting Round. I'm going to start with Mike in Illinois. Mike. Hey, Jim. This young and profitable dead man. B2B e-commerce company. What do you think? Buy, sell or hold. GCT, get your cloud technology. I met the guy who runs the company and I've got to tell you, I was so impressed. I said, I'd look at it and you know what happened? I never did. And all that's happened is the stock keeps going higher and higher and it's very inexpensive. I'm glad you brought it to our attention. I'm going to start with Mike. I'm going to start with Mike. Mike. Mike. Mike. Mike. Mike. So, here's what you brought it to our attention. Let's go to John in New York. John. Who are you, Jim? How are you doing? I'm doing well. How about you? I'm doing all right. Thanks, Jim. So, I own CCC, Intelligent Solutions. Yeah. No. No. It's a cloud-based for insurance. I mean, you know, I'd rather see a owned, well, I'll tell you. I mean, how about owning some Berks or Hat away. I think there's a insurance company that's better. You can buy lemonade if you want to do something that's got a little AI in it. Let's go to Ryan in Illinois. Ryan. Boo-yah, damn, first time we call her longtime listener. Okay. My thought today is a sauna. Yeah, this is another one that's going to be disrupted by AI. And I have to agree with the people who are selling it. I think it's going to be actually hurt by that. Letting Joe's conclusion of the lightning round is sponsored by Charles Schwab. Coming up, Kramer's recapping his conversation with BlackRock CEO Larry Fink to show you what can be gained by following this one simple principle. Next. All opinions expressed by Jim Kramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by Kramer on television, radio, internet, or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money Disclaimer, please visit CNBC.com forward slash mad money disclaimer. Your life keeps moving. Choose an MBA that can keep up. The Flex MBA from Virginia Tech's Pamplin College of Business is designed to work how you work, now and in the future, so you can flex your schedule, not your momentum. Our expert faculty and network of Hokies prepare you for leadership roles and opportunities on your terms. This isn't just earning credit. It's earning recognition. Flex forward into your future in business. Discover the Flex MBA today.