Publish date:

Watch: Jim Cramer on Prime Day, AMC and GameStop, Airlines

Jim Cramer and Katherine Ross are discussing momentum stocks, AMC and GameStop, Cramer's airline pick, commodities and more.

Jim Cramer is discussing are discussing momentum stocks, AMC and GameStop, Cramer's airline pick, commodities and more.

Watch the full interview with Katherine Ross in the video below: 

Cramer's Latest Thoughts on Momentum Stocks and the So-Called 'Meme' Picks

"Just when we started hearing about the meme culture and how powerful it was the darned thing peaked, in part because the purveyors on WallStreetBets just became too vile in their tone -- particularly the most misogynist writing I have EVER seen -- and in part because they are beginning to lose a lot of people a lot of money," wrote Cramer in his Real Money column on Monday, June 21. 

TheStreet Recommends

"Right now, neither seems to matter. But in a couple of weeks that will no longer be the case," he wrote. "In the last two weeks on the Reddit site we have seen recommendations that make even the worst Wall Street firms look like a collection of Warren Buffetts. There was that outrageously weak recommendation of Wendy's (WEN) , a truly awful suggestion to buy Corsair (CRSR) right into a giant mound of insider selling that looked like they were just waiting for the memesters, and a top tick in Cleveland-Cliffs (CLF) that demonstrated how the writers have not one bit of knowledge of how steel works specifically or cyclicals in general."

Focusing In on the Federal Reserve

"When it comes to the Fed, Wall Street has always been afraid of its shadow. That's why stocks sold off at the mere mention of interest rate hikes that are still at least a year away. But while the impulse to react is strong when the selling starts, Cramer told viewers to sit back, relax and do nothing. That's because historically, the last week in June is horrible for stocks, and there will be still more fallout from the Fed early in the week," wrote TheStreet's Scott Rutt in his Mad Money recap on Friday, June 18.

"But that doesn't mean there is nothing to buy. Cramer said he's still bullish on tech, and in particular, Amazon, which is getting ready for its annual shopping holiday, Prime Day. If the urge to buy is too great, and the market is down, Cramer blessed buying some Amazon into that weakness so you'll be ready for the post-July 4th stock market rally," he continued.

Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Monday's Daily Rundown