It’s time for investors to start getting back into the tech stocks, says CNBC’s Jim Cramer. The tech-heavy Nasdaq Composite has recovered more than 10% since last Monday.
Jim Cramer is getting interested in the tech stocks
According to the Mad Money host, a significant sell-off in IXIC followed by a 50% rebound indicates that the worst is over for the tech space. This morning on “Squawk Box”, he said:
Historically, when you’ve gone down this much and then you have a 50% retracement, it usually is an all clear. Yesterday was a very convincing bounce and I’d be tempted to buy the stocks that are coming off, even like a Meta Platforms, I think it’s interesting here.
Cramer is particularly interested in the FAANG stocks that took quite a beating in recent months.
Gunjan Banerji explains the price action in tech stocks
A sharp rally in the tech stocks amidst talks of a recession sure is interesting. Explaining the price action in a separate interview with CNBC, the Wall Street Journal’s Gunjan Banerji said:
Positioning was so flushed out heading into the Fed event that some of these stocks were bound for a recovery. Valuations of some of the biggest stocks like FAANG have come down a ton. I think that’s led some investors to come in and look for bargains.
Last week, Wedbush Securities Dan Ives also said the tech stocks were the most oversold in about six years.
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