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Jim Cramer: I want to call it for purposes of alliteration and memory for you. We got the three m's, the macro worry, the micro worry and the mechanics worry. First, the macro really worried us. It's been December since we had as bad a macro environment is as we did in May. First, we didn't have the Fed on our side. Powell and friends were still talking a big game going in the month based on absolutely nothing, nothing at all. The dogma that has been part of that fiasco was the exact same thing that we heard during December rate hike. We had fear, no easy resolution to the China trade war. Remember, I'm a hard line with three good sources, so we were not shocked when the talks broke down and wanted very badly to have enough cash to buy stocks when they inevitably did. We continue to believe that most people are misinterpreting how week Europe is.

Jim Cramer: It's causing the dollar to be so strong that I keep waiting for the president to smack the Germans with tariffs in their cars. Brexit has caused a lot of UK to grind to a halt. Finally, the thing that really struck me in the macro case was the makeup of the Democratic Party field. Until Joe Biden entered the race, every candidate as far left as I have ever seen in my life, anyone of these candidates would be yes, disastrous for the stock market. Whether they are running to break up the big tax or have single payer medicine instead of health insurance or if they favor jailing innocent bankers, there are a motley crew of hard lefters that will be a disaster for the stock market unless they gravitate to the right. Now you may like them on the personal issues. Okay? I don't talk about personal issues.

Jim Cramer: They're of no interest to me in the club. What I care about is preserving capital and that group of candidates does not let you preserve capital. Trust me. So hate them or like them. I know what they do for the stock market. Make no mistake about it. The biggest risk to this stock market may not be China, may not be the Fed. It may be the election and the polls showing you of a president from the Democrats who is decidedly anti wealth for those who are, uh, already wealthy. Oh, and let's not forget that the political backdrop is rancorous except when it comes to big tech. They are both parties find issues with, with every Faang stock, except for Netflix. They're either too powerful. That's the Democrats. Or too left wing. Uh, that's the Republicans. So that was the macro that was so negative.

Curious about the macro market environment?

In his exclusive members-only Action Alerts PLUS investing club monthly call, Jim Cramer said that the markets in June hadn't seen such a bad macro environment since December. 

 But why?

"First, we didn't have the [Federal Reserve] yet on our side. Powell and friends were still talking a big game going into the month based on absolutely nothing. Nothing at all. The dogma that has been part of the fiasco that was the December rate hike was back again," explained Cramer. 

But what issues face the market? 

"The biggest risk to this market may not be China, it may not be the Fed, it may be the election of a president from the Democrats who is decidedly anti-wealth for those who are, well, already wealthy. Oh and let's not forget that the political backdrop is rancorous except when it comes to big tech--both parties find issues with every FANG stock save Netflix. They are either too powerful--the Democrats--or too left wing--the Republicans," explained Cramer. 

Want to know what else Cramer only told members of his Action Alerts PLUS investing club? Recap his full call here.  

Ask Cramer: 3 Signs a Market Has Gotten Frothy