CNBC’s Jim Cramer said Thursday he’s grown worried about the stock market’s ability to continue its robust rally from the coronavirus-driven bottom.
“I’m feeling uncertain here after a very big run, fourth quarter 1999-like,” Cramer said on “Squawk Box,” a reference to the run-up in equity prices that preceded the 2000 dot-com bubble bust.
Cramer’s comments came after Wednesday’s worst single-session decline for the major U.S. stock indexes since June 11 as Wall Street responded to increasing Covid-19 cases across the country.
Shortly after Cramer’s remarks Thursday, stocks opened sharply lower as growing Covid-19 infections and a higher-than-expected initial jobless claims figure further obscured hopes of a swift U.S. economic recovery.
Less than one hour into the new trading day, stocks erased their earlier declines and turned positive.
“Long-term I’m bullish,” he said. But he added, “I have to stick by, if you haven’t taken a little bit off, I think you have to.”
In a tweet on Wednesday, Cramer further explained his thesis.
“I don’t think it’s such a bad idea to trim them. They’re so big,” he said.