CNBC’s Jim Cramer said Wednesday it’s time to buy stocks despite the bearish signal emanating from U.S. Treasurys as coronavirus fears persist.
The “Mad Money” host said pointed to a trusted market indicator as evidence for his bullish call: the MarketEdge Short Range Oscillator.
“I expect a mild recession based on weakness in travel and entertainment, but right now the oscillator is saying you should buy stocks, both short and long term,” Cramer said.
Cramer said he has relied on the proprietary indicator, which measures buying and selling pressure in the market, for his entire career. He said it lets investors know “when the selling may have gotten ahead of itself.”
When it goes above a reading of five, it means it’s time to sell, Cramer said. When it goes below negative five, it’s time to buy. Recently, it went below negative 12 and “that’s almost always a great time to buy,” Cramer said.
Previous instances of that occurrence include after 9/11, during the debt-ceiling…