CNBC Investing Club

What Cramer is watching Tuesday — bull in a bear, Biden's plan to fight inflation

U.S. President Joe Biden delivers the commencement address during the graduation and commissioning ceremony at the U.S. Naval Academy Memorial Stadium on May 27, 2022 in Annapolis, Maryland.
Chip Somodevilla | Getty Images

What I am looking at May 31, 2022 

  • After stocks jumped more than 6% last week, we are 18 price to earnings. Bull in a bear market.
  • Morgan Stanley's Mike Wilson stays bearish—hard to stop Fire and Ice. Higher inflation and slower growth. Earnings revisions on verge of going negative. Declines in forward EPS. Don't sound all-clear in stocks just yet.
  • Oil and gas: U.S. West Texas Intermediate (WTI) crude goes to $119 and stocks get clobbered. Natural gas at $9, up $6 from a year ago. Coal prices are even higher. 
  • President Joe Biden is not pressuring the Federal Reserve, but not working with oil and gas to lower prices. Still talking about autocrats. In an editorial for the Wall Street Journal, Biden says the U.S. can transition from recovery to stable, steady growth and bring down inflation. Monthly job creation will drop to 150,000 from current 500,000, which is better for the economy. Housing Supply Action Plan will make housing more affordable by building more than a million units to close housing shortfall over next five years.