Jim Cramer Says Don't Trust Any Rally In September Unless These 2 Things Happen
Portfolio Pulse from Shanthi Rexaline
CNBC Mad Money host Jim Cramer advises not to trust any market rally in September unless the yield on the 10-year bond drops and oil prices decrease by at least $3. The 10-year yield has been on an upward trend since July 2020, with expectations of more rate hikes from the Federal Reserve. Crude oil prices rallied due to Russia and Saudi Arabia's decision to extend production cuts, but weak global economic growth has kept a lid on prices. The United States Oil Fund, LP (NYSE:USO) fell 0.36% to $77.48 in premarket trading Wednesday.
September 06, 2023 | 12:42 pm
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The United States Oil Fund, LP (NYSE:USO) fell 0.36% to $77.48 in premarket trading Wednesday. Jim Cramer's advice suggests potential further decrease if oil prices drop by $3.
Jim Cramer's advice suggests that a decrease in oil prices could lead to a further decrease in the price of USO. Given that USO fell in premarket trading, it seems that the market may be aligning with Cramer's perspective.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100