The vaccine rally seems to have faded slightly in the markets.
At the closing bell Tuesday, the Dow was up 0.90%, while the S&P was down 0.1% and the Nasdaq was down over 1%.
"We're waiting for the Nasdaq to get some sort of settlement, where's there's footing, but we just haven't had that yet," Jim Cramer said, when discussing how he plans to approach stocks Tuesday.
Monday's rally, led by the positive news out of Pfizer (PFE) - Get Pfizer Inc. Report that its vaccine candidate, which was developed with partner BioNTech had a 90% efficacy rate in its late-stage study.
However, analysts cautioned that mass deployment of a vaccine remains months away. President-elect Joe Biden also issued a warning the same day he unveiled a new coronavirus task force and the U.S. recorded its 10 millionth coronavirus case.
“There’s a need for bold action to fight this pandemic. We’re still facing a very dark winter,” Biden said.
Cramer said his Action Alerts PLUS charitable portfolio has continued to peel off some of its positions, but probably not for the reason you think.
"We’re looking for opportunity, but if you don’t have a lot of cash you can’t find the opportunity," Cramer said.
Jim Cramer breaks down what he's watching from Amazon (AMZN) - Get Amazon.com, Inc. Report, Apple (AAPL) - Get Apple Inc. Report, American Airlines (AAL) - Get American Airlines Group, Inc. Report, Eli Lilly (LLY) - Get Eli Lilly and Company Report, McDonald's (MCD) - Get McDonald's Corporation Report, Boeing (BA) - Get Boeing Company Report, Beyond Meat (BYND) - Get Beyond Meat, Inc. Report and Honeywell (HON) - Get Honeywell International Inc. Report in the video below:
And in more coronavirus news, Eli Lilly's antibody treatment got emergency use authorization from the Food and Drug Administration. The treatment is used in patients suffering mild to moderate cases of COVID-19.
"This emergency authorization allows us to make bamlanivimab available as a Covid-19 treatment for recently diagnosed, high-risk patients," said David A. Ricks, Lilly's chairman and CEO, in a statement.
The medication is used in patients “at high risk for progressing to severe Covid-19 and/or hospitalization,” according to the statement. “Patients treated with bamlanivimab showed reduced viral load and rates of symptoms and hospitalization,” the company said.
The FDA authorized the treatment for patients who are 65 and older, and pediatric patients.
"This is a much more lucrative venture because...everybody who gets it can take it and it can really help. We're still seeing a lot long-term effects of COVID that are being ignored by people who think it's just a flu," Cramer said.