1. The S & P 500 was on track for another record-high close in Thursday’s shortened trading session. The government’s June jobs report was strong, with better-than-expected nonfarm payroll growth and a lower-than-expected unemployment rate. Jim Cramer said that Federal Reserve Chairman Jerome Powell’s wait-and-see approach to interest rates was proven correct again. Even if the economy and jobs are not as good as recent numbers indicate, there is certainly nothing Jim has seen lately that calls for an immediate Fed rate cut, as President Donald Trump has been demanding. In a Wednesday night social media post, the president called for Powell to resign, which raised questions about whether the jobs numbers might be weak. They were not. The U.S. stock market is closed for the Fourth of July on Friday. 2. The stock market became even more overbought after Wednesday’s session, according to the S & P Short Range Oscillator , the momentum gauge that Jim has trusted for decades. In overbought markets, we start to look around in our portfolio for places to trim and take profits. Jim and Jeff Marks, director of portfolio analysis for the Club, talked about Broadcom and bank stocks as possibilities. To be sure, we trimmed Broadcom on Wednesday and booked big profits. But it just keeps going higher, and Jim said we don’t want to be greedy. Jeff brought up Goldman Sachs and Wells Fargo . He pointed out that they were among the largest-weighted positions due to our buying and their strong rallies. Jim and Jeff said they will be thinking about what to do over the long weekend. 3. Citi raised its price target on Club stock DuPont to $85 from $75, implying more than 16% upside to Wednesday’s close. The analysts also opened an “upside 90-day catalyst watch” on DuPont ahead of expectations for solid earnings and September investor days for the planned electronics spin-off and the remaining company. There are media reports about private equity looking to buy $2 billion of DuPont assets, namely Kevlar and Nomex safety brands. “The stock has been a disappointment,” Jim said on Thursday. Jim and Jeff will be talking about all of the Club’s stock holdings during our Annual Meeting for members, one week from Friday. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Cramer sees jobs data as a win for Fed’s Powell over Trump — plus, possible stocks to trim
