Jim Cramer: Why the Market Isn't Oversold

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Is the market oversold?

According to Jim Cramer, no. 

And he thinks that's a "problem."

But, let's back up, why are we talking about the market being oversold? 

Well, two words--trade war.

On Monday morning, the Chinese yuan weakened below the 7-per-dollar level for the first time since May 2008.

President Donald Trump weighed in on the issue, by saying that the weakened yuan was "currency manipulation."

Here's why Cramer doesn't think that the market is oversold: 

No, we're not oversold That's the problem. We came in minus three on the isolator. You can't anticipate the oscillator. You can't just say, okay, it's going to come in minus five more. That's not what you do. You have to wait till the whites of their eyes. So, we're doing some portfolio shuffling that should produce a little bit more--even more cash, because we're pretty much convinced that with the exception of the Verizon's (VZ) - Get Verizon Communications Inc. Report of the world, you're not going to see anything really bottom today, but we are going to be equipped to be able to pick up things.

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