Is the market prepared for the next seven to 10 days, which could see a sharp uptick in deaths and possibly cases as places such as New York state head towards its apex?
Jim Cramer doesn't think so.
Here's what he's thinking on Monday. Watch the full video above for more.
Let's focus back on this market for a minute because we're seeing the Dow up about a thousand points right now, but to be frank, the next 7 to 10 days are going to be painful for many Americans looking at these coronavirus numbers. Is the market not counting that into this rally today?
Yeah, I think you're very right, Katherine. I think that if we listen to what the President, who is an optimist, says and we listen to the surgeon general... I watched the surgeon general yesterday on Meet the Press. I mean, he's telling us, "Look, this is going to be a terrible time." Now, maybe he's under-promising and we over-deliver, but Katherine, I found what he said breathtaking. This is day one. A day one rally when we start getting really bad numbers is not a good idea. I think that, Kathrine, what a lot of people have to do is say, "You know what? I'm going to take some profits here, or I'm even going to take some losses because I listened to the surgeon general and he said this is going to be a bad week."
Now, again, maybe it's not, and the president wants the hydroxychloroquine. That's terrific, but right now you can't get it because it's reserved for the people who really need it. I just wonder whether this isn't one of those days where you say, "Wow, I had a chance to sell something." Maybe they'd come back again and buy it tomorrow. Maybe I had a chance to sell Caterpillar at 120 with no infrastructure bill, or maybe I had a chance to sell that Raytheon that was a nice pop when it started trading. Maybe this was another chance to get out of Macy's above five, but I don't want to be as emboldened as buyers coming in right now. It doesn't make sense to me.