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Jim Cramer on SPACs, Rite Aid, Suez Canal, Oil, Tech, Stocks Today

Jim Cramer and Katherine Ross talk SPACs, the Suez Canal, oil, tech stocks and more.

It's almost the weekend.

Jim Cramer told TheStreet Live Thursday that his focus remains on growing disillusionment among younger investors. 

"We're starting to get a realization that there's profound disappointment in stocks," Cramer said. 

Cramer urged the new wave of investors to stay in the market, drawing to his belief that the stock market remains the biggest driver of personal wealth. 

"You have to go back to the fundamentals and look at what drives stocks," Cramer advised. 

Recap Thursday's episode of TheStreet Live with Jim Cramer and Katherine Ross in the video above and be sure to catch TheStreet Live every weekday at 10:30 a.m. ET:

What a Godfather Quote Can Tell Us About Stocks

"It's not personal, it's strictly business. That infamous line, uttered by Michael Corleone in The Godfather, seems apropos right now in this post "everything goes up world" that we now find ourselves in. Until last year, right at this time, stocks didn't always go up. Not everything you touched rallied," Jim Cramer wrote in his Real Money column. "But when we got to the bottom one year ago, an amazing thing did happen: stocks almost universally rallied and those who were circumspect, those who had "seen it all" and "knew better than to think that money grows on trees" were reviled as boomers who wanted to keep younger people in their chains."

"A lot of the criticism was right. The majority of the hedge fund managers who came on our air, hated the market. They didn't believe in science. Many talked about the apocalypse coming although some talked out of both sides of their mouths literally scaring the heck out of us while buying stocks right into their own self-created abyss," he continued.

Much Ado About SPACs

Real Money's Rev Shark has some thoughts about how the average investor can invest in SPACs like the pros.

"Many market strategists are convinced that this explosion in the numbers of SPACs will lead to sub-par performance as there are fewer quality deals remaining and more SPACs competing for the best ones. That is likely to be the case, but there will continue to be some very interesting opportunities among the SPACs that are able to find great deals," he wrote in a column on TheStreet. "SPAC stocks can be divided into two main groups -- pre-deal and post-deal. Both groups have already corrected from recent highs, but it is the pre-deal sector that has been under the most pressure in recent months as worries about finding deals increase."

"One of the primary reasons that so many SPACs were able to go public in recent months is that it has been so easy for them to raise money. What makes SPACs special is that if you invest in one and it doesn't find a deal, then you will be able to recoup a certain minimum amount of cash, which typically is $10. The sponsors of the SPAC are obligated to return those funds, minus some miscellaneous expenses, to investors if they can't close a deal," he continued.

Read more about SPACs here

Can There Only Be One FANG?

"The market can only invest in one FANG at a time, Cramer explained, and right now, investors are clamoring for reopening stocks. No one cares about big tech when the economy is roaring. That's why Cramer continued to recommend buying high-quality industrial stocks on any weakness. He liked Union Pacific on the heels of the Kansas City Southern acquisition earlier this week," wrote TheStreet's Scott Rutt in his Mad Money recap.

"The reopening trade will continue to be bad news for companies like Adobe Systems, which reported better-than-expected earnings today, although no one seemed to care. Shares of Adobe are down 5% over the past month," Rutt continued.

Hear what Cramer is only telling members of his Action Alerts PLUS investing club in Thursday's Daily Rundown.

Daniel Kuhn contributed reporting to this article.