“I don’t like the market,” Cramer said during Friday’s Stop Trading!.
Regardless of whether Thursday’s precipitous near 1,000-point drop was caused by a computer error, he thinks a lot of people “genuinely believed” the market deserved to be down that low. If that’s the case, then what does that say about investor conviction?
“That shows me there’s no real conviction to the longs here,” Cramer said. “I want to wait until there’s more conviction.”
But in the meantime, there could be “a lot of opportunity” in technology stocks, Cramer said, as the Nasdaq is in “capitulation mode.” Investors seemed worried about Nasdaq companies and their exposure to Europe, and that has put some good stocks on sale.
“I think that those [stocks] start representing some value here,” Cramer said, adding that Apple is one of his favorite tech plays right now.
Cramer’s charitable trust owns Apple.
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