Jim Cramer said the market is taking out the froth Thursday as the Dow and S&P attempted to hold onto gains as the Nasdaq turned negative at the time of taping.
"There are sales to make but there are things to buy, too," Cramer said.
However, Cramer cautioned that, "volatility in the market can turn on the dime."
Recap Thursday'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
Okta's M&A Activity
"Organizations everywhere are rapidly leveraging identity to streamline processes, reduce costs, maintain the highest levels of security, and improve customer experiences," Okta said in a statement.
"Okta and Auth0’s comprehensive, complementary identity platforms are robust enough to serve the world’s largest organizations and flexible enough to address every identity use case," the company added.
Marvell (MRVL) - Get Report reported quarterly earnings of 29 cents per share on revenue of $798 million. Marvell was expected to earn 29 cents per share on revenue of $786 million, according to analysts polled by FactSet.
"We delivered outstanding fiscal year 2021 performance, with robust revenue growth of 10%, led by our networking business which grew 22% driven by strong 5G and Cloud product ramps," said Matt Murphy, Marvell's CEO.
What's on Cramer's Mind?
"Relative investing may be the most treacherous kind of investing there is and right now we are playing the relative game like it's almost never been played," Cramer warned in his Real Money column.
"The bad news may mean that everything growth is worth less than we thought, and I mean, everything. The good news is that the main reason why we were even allowed to play this relative game so successfully is that low-interest rates inspire magical relative thinking. If we get rates to be tamped, then the game will be played again this time with a little more caution and a little less absurd valuations because the less informed will get blown out by the losses," he wrote.
A New Stock Caught the Eye of WallStreetBets
TheStreet's Corey Goldman first reported on the story.
"Regardless of fundamentals or how investors view its prospects, Tanger (SKT) - Get Report was lighting up Reddit's r/WallStreetBets forum on Thursday, with various participants encouraging one another to bid up the stock and unseat larger players who hold short positions amid broader debate on whether millions of new millionaires is better or worse than "a couple of corrupt billionaires," Goldman wrote.
"Tanger is the second most-shorted stock after GameStop, attracting short interest of 39.98%, according to High Short Interest Stocks, a website that tracks stocks with short interest of more than 20%," he reported.