The Wall Street rally on Monday may have more room for development in the near future, CNBC’s Jim Kramer said after the Dow Jones Industrial Average jumped nearly 650 points, or 1.8%.
The S&P 500 also rallied 1.1% and the high-tech Nasdaq added 0.9%, raising questions about whether the stock can continue to rally, as all three major averages for US equities are showing losing weeks.
Kramer said that from his perspective, the rebound appears to have good room to continue, even as the threat of the Covid omicron variant persists.
“I don’t see anything on the calendar that could disrupt the bullish gains until Friday, when we get the CPI, which I expect to be very hot,” said the Mad Money presenter, citing the latest Labor Department report. … a monthly report shedding light on inflationary pressures in the US economy.
“But in this market, four days is a lifetime, and for traders today was a bird in their hand; maybe next week will be two days in the bush, ”Kramer said.
One of the reasons Kramer cited his forecast is the S&P patented S&P Short Range Oscillator, which measures buying and selling pressure in the market. Kramer said the indicator hit a key level late last week during market weakness, suggesting selling was getting too severe.
“It looks like we are on the verge of something big and bad. Maybe we’ll get horrible omicron numbers over the weekend. But when nothing bad happened, we finally got the inevitable jump in oversold. “
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Denial of responsibility