3 takeaways from our daily meeting: Retail stocks, trimming positions, Qualcomm and Wynn

Published Mon, Oct 31 202212:08 PM EDT

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Monday's key moments. Retail stocks to watch Trimming 3 positions Quick mentions: QCOM, WYNN 1. Retail stocks to watch The Club continues to back companies that make real products and can sell them at a profit, while at the same time adequately managing economic headwinds and returning value to shareholders. Retailers Costco (COST) and TJX Companies (TJX) fit that bill, two stocks we continue to back. However, given the market is currently overbought, we're advising investors against making any purchases right now. Stocks edged down Monday after having rallied for two straight weeks. Oil prices also fell, U.S. Treasuries were weaker and the U.S. dollar strengthened. 2. Trimming 3 positions The S & P 500 Short Range Oscillator rose to 8.48% after Friday's rally, meaning the market is overbought and it's time to do some selling. As a result, we trimmed our positions in Honeywell (HON), Nvidia (NVDA) and Marvell Technology (MRVL) on Monday to raise some cash. Honeywell has outperformed the broader market and risen since we added to our position in September. We were overweight and wanted to use the opportunity to trim it. But we still like Honeywell long term for its strength in aerospace and building technology, as well as its oil-and-gas exposure. Our sales of Nvidia and Marvell were driven by our continued concerns over new U.S. export controls limiting chip sales to China . We're looking to slowly reduce our exposure to the semis rather than sell them all at once — and were able to sell shares into strength today after our chip holdings rose significantly last week. 3. Quick mentions: QCOM, WYNN Despite our concerns with chip stocks, we still like Qualcomm (QCOM) because it maintains unique exposure to cell phones and automobiles, rather than data centers, the source of many issues for semiconductors. We are considering adding to our position if the price falls to $110 a share and the Oscillator flips in favor of buying. Qualcomm was trading down roughly 1.55% Monday, at $117.36 a share. Meanwhile, investor Tilman Fertitta has taken a 6.1% stake in Wynn Resorts (WYNN), according to a Securities and Exchange Commission filing. Fertitta is the chief executive of Landry's, a privately-held hospitality and gaming conglomerate. While we don't yet know what Fertitta will do with the stake, we are keeping an eye on Wynn and the potential lifting of further Covid-19 restrictions in China, a key market for the casino operator. (Jim Cramer's Charitable Trust is long COST, HON, MRVL, NVDA, TJX, QCOM, WYNN. 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.