COVID-19 is taking Europe under its grip again, and the markets have been reflecting the fear in recent weeks. But Mad Money host Jim Cramer is convinced it’s a “short-term issue”.
Cramer’s remarks on CNBC’s “Squawk on the Street”
A rapid surge in new cases has already forced Austria into a lockdown, while Germany also announced it’s in a state of emergency this morning. Cramer, however, continues to see the recent dip as a “buying opportunity”. On CNBC’s “Squawk on the Street”, he said:
These are outlier countries because there hasn’t been a vaccine mandate. I think the market is down way too much because of these. But it’s very easy to create a vaccine mandate. You could be like Portugal. So, this is a short-term issue, causing people to get a great opportunity to buy things.
The U.S. FDA approved a booster shot of Pfizer and Moderna COVID-19 vaccines for all eligible Americans on Friday. The news comes a day after Dr Scott Gottlieb said the fastest way to get more immunity into the population ahead of the holiday season was a booster dose.
Travel and retail look promising to Cramer
Two sectors in particular that pop out to him are travel and retail. Commenting further on how to position yourself to benefit from the recent weakness, he said:
The American consumer is amazingly strong. Anything related to the American consumer, whether it’s travel or spending in the mall, it’s just a fantastic opportunity, and I think you pounce on it. Maybe we get more bad news from Europe over the weekend, so you pounce some today, some next week.
All in all, Cramer is not buying the notion that the economy is slowing. Within travel and retail, he particularly sees potential in Costco and Boeing Co.
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