Markets opened slightly higher Monday with all three major indices pointing to toward gains in early trading. The Nasdaq and S&P 500 hit record highs following the open.
In Monday's episode of TheStreet Live, Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discuss Nvidia (NVDA) - Get NVIDIA Corporation Report, Tesla (TSLA) - Get Tesla Inc Report, the box office and what Cramer is watching heading into Friday's jobs report.
Watch the full interview in the video below:
What Do You 'Meme?'
In his latest column on Real Money, Cramer noted that he's beginning to hear many CEOs ponder how to become the next AMC (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report or GameStop (GME) - Get GameStop Corp. Class A Report. However, Cramer added Cramer added that "meme stock" isn't an accolade companies should strive for.
"So my bottom line: you can't aspire to be a meme stock. That means aspiring to be shorted. And the shorts just aren't that stupid to take that bait. Nevertheless, sadly, I think if I were short any stock with a more than 10% short position I think it is time to cover and cover right now because you have a target on your back and it is way too big to beat," Cramer wrote.
Cramer's Homework: What to Watch in the Week Ahead
Before Wall Street heads out for the holiday weekend, the market will see a slew of data, all wrapping up with Friday's all-important non-farm payrolls.
In the May jobs report, the U.S. added 559,000 jobs, falling slightly lower than expectations. With continued focus on inflation amid the economic recovery, investors will closely scrutinize the June report, expected at 8:30 a.m. ET, Friday.
"Cramer told his Mad Money viewers they should expect the inflation hawks to be making a lot of noise. No matter what the number is, these bears will be up in arms that the Federal Reserve needs to act now and raise interest rates in order to stop inflation in its tracks. They will, of course, be totally wrong, but that won't stop them from disrupting the bulls," Scott Rutt wrote in his Mad Money Recap.