Happy Friday! We made it.
It's been a tough week, but we did get a bit of a light at the end of the tunnel moment with the February jobs report, which came out on Friday.
The U.S. economy added 379,000 jobs in February and the unemployment rate fell to 6.2% as states began lifting lockdown restrictions and COVID-19 cases declined amid improved vaccination efforts.
Cramer said interest rate fears continue to drag on the markets as investors bet against the high-growth names favored by Cathie Wood's ARK Invest ETFs.
Recap Friday's episode of TheStreet Live in the video below and be sure to catch Jim Cramer and Katherine Ross live every weekday at 10:30 a.m. ET.
You Can't Trust Your Fellow Shareholders
That was the message conveyed in Cramer's column on Friday morning.
"If you were in a room with all the co-shareholders of your stocks right now, I think you would be shocked at what you would see. Let's take the Costco (COST) - Get Report room. You see the stock at the cheapest valuation that you can recall, a great American retailer with a stock that's down 70 points from its high and off 15% for the year despite recording yet one more killer double-digit-gaining quarter Thursday night," Cramer wrote.
"You are thinking that Costco's sales in every department were superb, that costs are under control and that they are going to open a slew of stores in the second half, something that always drives profitability because it makes the most money off its membership cards and there are now 108 million cardholders, most of whom would gladly pay more if they were asked given how much they save shopping there. You've got 14% sales growth, an unheard-of number for most stores but just plain-old consistently terrific for Costco, which is a holding of my Action Alerts PLUS charitable trust," he continued.
The company reported earnings of $6.61 per share on revenue that rose 14% year-over-year to $6.66 billion. Analysts were expecting earnings of $6.56 per share on revenue of $6.62 billion.
"We executed well during our first fiscal quarter driving 14% organic growth year on year," said Hock Tan, Broadcom's (AVGO) - Get Report CEO. "This growth reflects the critical role our technology franchises play in this environment of accelerated digital transformation."
Watch: Jim Cramer Says Take Advantage of Earnings Disconnect, Buy Broadcom
Cathie Wood's Ark Buys More Palantir
Wood’s purchases included about two million shares for her flagship ETF, ARK Innovation, and about 650,000 in her ARK Next Generation Internet ETF.
Looking at the closing price of Palantir on Wednesday, Ark's purchases are valued at around $62.5 million. And this comes after she disclosed, last month, that the exchange-traded funds bought more than six million shares of the company for Ark Innovation and Ark Next Generation Internet.
The Five Stages of Investing Grief
"Investors looking to bottom-fish the market selloff have a lot longer to wait, Jim Cramer told his Mad Money audience Thursday. Cramer reminded viewers there are five stages of grief, even in the financial markets, but most investors are still stuck in denial," wrote TheStreet's Scott Rutt in his Mad Money recap on Thursday night. "We all know the five stages of grief. It starts with denial, then anger, then moves to bargaining, depression and finally ends with acceptance. The market's recent scare over inflation and rising bond prices is one we've seen before, which is why Cramer cautioned that we're nowhere near the bottom."
"We need to see a lot more anger, more bargaining to get to acceptance," Cramer said. That process takes days and weeks, and it's painful. That's why Cramer said the only prudent move right now is to raise cash and sell on any strength and not to give in to "bounce buying."
Don't miss what Cramer is only telling members of his Action Alerts PLUS investing club in Friday's Daily Rundown.
Daniel Kuhn contributed reporting to this article.