What Cramer is watching Tuesday — more crypto carnage, oilers upgraded, Oracle wows

Published Tue, Jun 14 20228:57 AM EDTUpdated Tue, Jun 14 20222:29 PM EDT

What I am looking at June 14, 2022 As hedge fund legend David Tepper used to always tell me in bad markets: "It is not yet time to make money, it's the time not to lose money." This is how we're approaching the market this week heading into the Fed decision on Wednesday. Oversold position in the market is the worst in a while at minus 6.8 on the S & P 500 Short Range Oscillator, which indicates a time to buy ( anything above minus 5 is time to buy ). This is a level we've bounced off — 3,930 bounced to 4,178 when the Oscillator was at minus 6.5. Coinbase (COIN) said Tuesday it will lay off 18% of its workforce as executives prepare for "crypto winter." Prior to the announcement, JPMorgan downgraded COIN to neutral from buy ... needs to cut expenses, ramped up too much too quickly. Oracle (ORCL) was terrific on its latest quarter, reporting beats on revenue and earnings. Best growth in a decade. A reminder that Salesforce (CRM) had the same kind of performance. Oracle management forecast 30% cloud growth in fiscal 2022. Shares jumped 12% in the premarket. Club holding Pioneer Natural (PXD) has PT raised to $339 from $302 at Barclays, sees healthy upside and a good dividend. Analyst raises PT on two more energy names in the Club: Devon Energy (DVN) to $90 from $73; Coterra (CTRA) to $41 from $35. Occidental Petroleum (OXY), APA Corp (APA), Diamondback (FANG), ConocoPhillips (COP) also get raises. OXY $74 to $84..Barclays; Apache, Diamondback, COP, too Chemicals company Huntsman (HUN) double-downgraded to sell at Bank of America ... should be impactful. Norfolk Southern (NSC) price target lowered to $255 from $300 at Barclays. Analyst keeps a hold rating, says "service levels appear to materially trail peers." JPMorgan: E-commerce gains moderated in 2021, should accelerate in second half of 2022. Spend is above pre-pandemic levels. Benchmark downgrades Netflix (NFLX) back to sell from hold after "premature" upgrade. Robinhood (HOOD) price target dropped to $7 from $11 at JPMorgan. Deutsche Bank likes railway stocks Canadian National (CNI) and Canadian Pacific (CP). Nokia (NOK) upgraded to buy from neutral at Citi. Best Buy (BBY) downgraded to hold from buy at Bank of America. Darden Restaurants (DRI) price target lowered to $134 from $162 at Citi. Tractor Supply (TSCO) upgraded to buy at Bank of America. Finally, a target so low that it can be raised — to $260 from $250. American Airlines (AAL) price target lowered to $17 from $20 at Barclays — this was a meme stock, too, like Royal Caribbean (RCL), Norwegian Cruise Line (NCLH) and Carnival (CCL) ... all giving it up now like AMC Entertainment (AMC). Dow (DOW) price dropped to $60 from $74 at Bank of America, which maintains sell rating. Credit Suisse initiates coverage of Chesapeake Energy (CHK) with a buy. Cowen says IAC is best smidcap (small and medium-sized capitalizations) idea for 2022. But lowered his sum-of-the-parts target. Valero (VLO) price target raised to $166 from $136 at Wells Fargo. (Jim Cramer's Charitable Trust is long CRM, CTRA, DVN, PXD. 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.

A sign is posted in front of Oracle headquarters on June 13, 2022 in Redwood Shores, California.

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What I am looking at June 14, 2022

As hedge fund legend David Tepper used to always tell me in bad markets: "It is not yet time to make money, it's the time not to lose money." This is how we're approaching the market this week heading into the Fed decision on Wednesday.
Oversold position in the market is the worst in a while at minus 6.8 on the S&P 500 Short Range Oscillator, which indicates a time to buy (anything above minus 5 is time to buy). This is a level we've bounced off — 3,930 bounced to 4,178 when the Oscillator was at minus 6.5.