What we're watching Thursday afternoon — including a key level in a Club stock

Published Thu, Feb 24 20222:22 PM ESTUpdated Thu, Feb 24 20223:58 PM EST

What we're watching Thursday afternoon While stocks are well off the lows of the morning, it does not mean the market is out of the woods just yet, even as it finally entered oversold territory. We are not at the oversold levels we saw in January yet. We may make one or two more buys Thursday, but we're keeping cash for Friday and Monday in case events escalate further. Markets got a brief extra lift as President Biden spoke Thursday afternoon about wider economic sanctions against Russia for invading Ukraine. We're watching Disney (DIS) for our next buy but at $146. The stock is not down enough from where we purchased shares Wednesday at $148. It opened at $140 Thursday morning. West Texas Intermediate crude, the American oil benchmark, was now priced at about $94 per barrel, down from around roughly $100 Thursday morning. The drillers can still make a ton of money up here — but the give up of the gains shows you why you have to sell — not buy — the spike on fear, like what we explained with Chevron (CVX) in our premarket notes . Lesson: Take profits when catalysts happen. Among the stories we're reading: Walmart (WMT) hosting a "Prime Day"-like exclusive event for its Walmart+ subscribers … an example of how Walmart is building a flywheel of services that spread across different revenues streams like subscription, advertising, fulfilment services, and a third-party marketplace. Interesting action in Salesforce (CRM) — up roughly 4% Thursday afternoon — and other profitable software stocks Thursday ... they were the first to lead the market down in January. (Jim Cramer's Charitable Trust is long DIS, CVX, WMT and CRM. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Still from Disney's latest Pixar film "Luca."

Disney