CNBC’s Jim Cramer says he could be a believer in a possible year-end stock market rebound if Apple turns in a positive quarterly earnings report after the bell Thursday.
“This is the most binary thing I have seen” in a long time, Cramer said on “Squawk on the Street” Wednesday. “If Apple’s good, there’s nothing left between us and the end of the year,” barring the unexpected.
That’s because a probable fourth Federal Reserve interest rate hike of 2018 in December and continuing President Donald Trump trade tariffs are headwinds already priced into the market, the “Mad Money” said.
“There’s a lot of technical damage done and people are freaking out from yesterday’s rally,” Cramer said. “We’re very over sold.”
On the final day of a horrible October, Wall Street was adding to Tuesday’s advance that saw the Dow Jones Industrial Average surge 431 points. If Wednesday’s midday gains were to hold at the close, the Nasdaq would be out of correction territory. The gains on Tuesday lifted the S&P 500 out of a correction.
