Today, the bulls were in full retreat, Jim Cramer told his Mad Money viewers Monday. With so much uncertainty in the market, Cramer said, it's hard to know exactly when the selling will subside, but he did provide a list of 10 problems that need to be fixed.
First, Cramer said that rumors of falling demand at Apple (AAPL) need to be sorted out before this stock can find a bottom. Second, the management turmoil at Facebook (FB) needs to also come to a resolution, otherwise there will be no reason to own this once high-flying stock.
Next, Cramer said, the software stocks need to stop falling on absolutely no news, as Salesforce.com (CRM) did today, plunging 8.7%. Fourth: Cramer said that for years buying on the dips has been a sound investing strategy, but no more. That needs to change.
The fifth problem to be resolved is trade with China, while the sixth is the Federal Reserve changing its stance on the economy. Cramer said the Fed simply cannot wait for things to become really bad before changing its tune.
Seventh, Cramer said, he needs to see more stocks working, because today, only a handful were able to rally. The sentiment applies to the rest of his list of woes, which included the market seeing no real level of support, investors still wearing rose-colored glasses and many stocks still not being in oversold territory.
Until the market can resolve at least a few of these issues, Cramer said the bulls will be hard to find on Wall Street.
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Good Companies, Bad Timing
Sometimes, good companies come public at the wrong time, Cramer told viewers. That was the case with Yeti Holdings (YETI) , the camping equipment maker best known for its coolers and other outdoor gear. Yeti came public three weeks ago, in the middle of the market turmoil, which led most investors to not even take notice.
Despite the turmoil, Cramer said, shares of Yeti have been surprisingly resilient, even though they are now trading for less than their IPO price. The company is seeing stunning growth, from $90 million in 2013 to $640 million last year. Cramer said the company reminds him a lot of Canada Goose (GOOS) , another luxury goods maker with a seasonal component to its wares.
But while Yeti, the company, is terrific, Cramer said he's not a fan of its balance sheet, which is laden with $390 million in debt from its private equity-backed IPO. Cramer said he's never a fan of these deals, especially when private equity still retains a controlling interest in the company.
That said, shares now trade for an attractive multiple given its growth rate.
Rely on What You Know
When the markets get volatile, it's time to circle back to defensive stocks we know are doing well, stocks like Molson Coors (TAP) , which managed to rally 2.5% today.
Coors has been falling out of favor as the company doubled down on mass market beers at precisely the time consumers began abandoning mass market beverages in favor of craft brews. But Cramer noted the company gave robust guidance when it reported in August and delivered better-than-expected results this quarter.
While it's not likely that domestic beer volumes will recover, Cramer said Coors' international sales remain strong and the company is aggressively cutting costs to right-size the business. Coors is also betting on the Canadian cannabis market, which is estimated to be $10 billion a year. According to the company, cannabis beverages could account for 20% to 30% of that total and the company is aggressively moving into the market.
With shares trading for just 13.3 times earnings, Cramer said he likes this company as it continues to get its act together.
Executive Decision: Boot Barn
For his "Executive Decision" segment, Cramer sat down again with Jim Conroy, president and CEO of Boot Barn (BOOT) , which just reported a stellar quarter that included an 11.3% increase in same-store sales.
Conroy said he's both optimistic for Boot Barn's future but also perplexed over their stock price as of late. He said Boot Barn does well, even in a slowing economy and only 7% to 8% of their private-label brands are sourced from China, so they are in great shape going forward.
When asked about tariffs, Conroy explained that there are many reasons why China is such a strong exporter and he feels a compromised will be reached between our two countries.
Turning to the topic of growth, Conroy noted that they have a road map to double their 233-store count over the next coming years. The company has many data points they look at, from country music listenership and rodeo attendance to the latest ecommerce data from their website.
Cramer said he remains a believer in Boot Barn.
No-Huddle Offense: China
In his "No-Huddle Offense" segment, Cramer said it's getting increasingly hard to figure out exactly what President Trump's policy is on China. While on one hand, Trump is indicating that a deal may be close at hand, Vice President Pence continues to take a hard line, implying that regime change in China might be needed to get a deal done.
Cramer said while it's possible this hard-line stance is merely good cop/bad cop, it's increasingly sounding sincere. And while the Chinese stock market has fallen 25% in 2018, the U.S. markets are starting to roll over as well. Only time will tell if this strategy will work.
Over on Real Money, Cramer says the trade issues with China have become a genuine cold war. Get more of his insights with a free trial subscription to Real Money.
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