Fidelity’s legendary Magellan Fund , set to re-open this week after being closed to new investors for over a decade, is “so right” given current market conditions, Cramer said on Monday’s Stop Trading!.
Harry Lange, the fund’s manager, told CNBC that he is bullish on tech despite last week’s Nasdaq sell-off. Tech stocks rose sharply Monday after IBM announced better-than-expected profit.
Magellan’s holdings include Nokia , Corning , Google , Staples and Canadian Natural Resources . Cramer said he was bullish on all but Staples. Retail is still too dicey to own anything but best-of-breed, Cramer said. Costco remains one of the few retailers he recommends.
Jim's charitable trust owns Corning.
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