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What IBM, Intel Tell Jim Cramer About Markets Friday

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Stocks were sliding in intraday trading on Friday, Jan. 22. The decline comes after the S&P 500 and Nasdaq set record closing highs on Thursday.

"People are taking a cue from IBM  (IBM) - Get International Business Machines Corporation Report and Intel  (INTC) - Get Intel Corporation Report," Jim Cramer said during his daily interview with TheStreet Live.

Cramer said negative news from IBM and Intel, Wall Street stalwarts, paired with ongoing interest in SPACs has investors turning bearish Friday.

"What’s happening is there is an oversubscription for the diciest stuff," Cramer said. "People want to stay away from what’s tried and true and go as speculative as possible."

Watch: Everything Jim Cramer Is Watching in the Stock Market Friday

Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer's exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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