CNBC’s Jim Cramer advised investors Wednesday to block out the market bears, and use their missteps to strengthen their own portfolios.
“Their mis-selling creates opportunities for you to buy dips. You must believe the sellers are wrong and you are right. You need to believe your view, not the view the tape gives you – that the bear give,” he said.
Stocks rose on Wednesday after Federal Reserve Chairman Jerome Powell said at a news conference that February meeting of the central bank That inflation has started to cool down, though he did not indicate that rate hikes would come to a halt anytime soon.
The market’s gains reversed earlier declines that came on the back of a quarter-point rate hike. Cramer said that while selling may have made sense last year, when inflation was still skyrocketing and the central bank was aggressively raising rates, a bearish outlook for business no longer works.
“It doesn’t make sense anymore when the Fed says rate hikes are working and we’re far into the tightening cycle, even as they’re still seeing some wage inflation,” he said.
Cramer also reiterated his stand that market is in bull mode – This means that when the bears of the market are afraid to sell, investors should have the opportunity to buy.
“People who keep fighting the bulls, as they did today, think they’re in a bear market, and they get crushed. Today was a real trample, and the bears — they still don’t know what hit them.” ,” They said .