TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, says don't rush into the stock market Monday looking for bargains in the midst of a selloff. Instead, he said it is best to wait, as the market will remain under pressure with investors worried about China's open on Tuesday.
Cramer said the past selloffs due to China woes have taken a few days to shake out, and then it's time to look for bargains. But Cramer added that investors should avoid economically sensitive stocks.
Cramer answered a viewer question about Horizon Pharma (HZNP - Get Report) . In his view, it's not a stock to buy, because it relies on acquisitions and the market has not been kind to acquisitive pharmaceutical companies as of late. He does like the biotech company Celgene (CELG - Get Report) .
Cramer commented on the auto sector, saying he's not a big fan of the group right now. He did say that General Motors (GM - Get Report) is kind of interesting as the stock retreats. But he doesn't like Daimler (DDAIY) and said Tesla (TSLA - Get Report) is a cult stock, and it's up to individual investors to decide whether they like it or not.
A viewer asked Cramer what happened to bank stocks like Bank of America (BAC - Get Report) . Cramer said the company is under pressure because interest rates are falling and not rising right now. He thinks that creates an opportunity for the sector.
Cramer said General Electric (GE - Get Report) had a strong year in 2015. Though it may retreat a bit here, he'd be looking to own that stock, he said, given its huge amount of cash on the books which may be used to buy back stock and boost the dividend.
Cramer answers viewers questions from social media in a daily segment with TheStreetTV. You can send questions to his Facebook (FB - Get Report) page or to Twitter (TWTR - Get Report) , where he's @jimcramer. Use hashtag #CramerQ.