CNBC anchor Jim Cramer on Friday reacted to the market sell-off over concerns of a new coronavirus variant.
According to Cramer, Friday’s decline for stocks is not the right time to buy with the market uncertainty.
“I’m reluctant to say this is the time to go buy a retailer or go buy a cruise ship company because there will be people who are much more risk-averse than you and I and then refuse to believe that the scientists can get this under control, so not a buy opportunity,” Cramer advised on “Squawk Box.” “Not a buying opportunity.”
Cramer said if he did recommend buying something now, it would be an oil company such as Chevron.
“If I had to start buying something today, I would be looking to buy Chevron,” he stated.
“That would be a great call because there is demand for oil. There will be travel,” Cramer continued. “I’m trying to distinguish between my being concerned about what’s going to happen and what people are doing on the very same day where they may just decide ‘you know what, I can’t take it anymore.’ And I would rather buy from those people on Monday than I would buy from them today.”
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