Gary Cohn has waved goodbye to the White House. Taking his place: legions of stock market bears.
Dow futures tanked as much as 342 points on Wednesday on fears of a full on global trade war. The 10-year Treasury yield dropped slightly to 2.86% as investors sought safe-haven assets. Naturally the dollar continued to be under pressure, dropping to a two-week low.
TheStreet's founder Jim Cramer told Action Alerts Plus investment club members Cohn's departure will "put a lot of pressure" on the market, revealing several reasons why here. Cramer was all over the call last week.
So how in the world should investors assess when the Cohn Crash is over? Simple, just watch the tape on some of the hottest stocks in the market, says Cramer.
"Watch Amazon (AMZN) , Netflix (NFLX) and Twitter (TWTR) -- let them tell you what to do... the three hottest stocks in the market," Cramer tweeted. "Then [watch] ServiceNow (NOW) , Micron (MU) , Lam Research (LRCX) and Salesforce (CRM) ...They are the signposts." This especially applies to Netflix, a stock that has exploded 59% this year on a combination of hot money speculation and fundamentals.
Amazon is holding in Action Alerts Plus.
Note: Cramer just sat down with Martin Anstice, CEO Lam Research on 'Mad Money'. Read more here.