CNBC’s Jim Cramer said there are investors who want to sell stocks, regardless of positive earnings or encouraging economic data. That is putting pressure on US stocks on Thursday, he added.
“Someone is a seller … There is a lot of money that wants to go out now,” Cramer said in “Squawk on the Street.” “I think a lot of people are very confused about what is happening on Nasdaq. Amazon is down 10% since the week started, so there is no offer below, nor what companies are saying.”
However, Cramer said he doesn’t think sellers necessarily dominate Thursday’s trading session. “That will probably change by noon. I think it’s a good day,” predicted the presenter of “Mad Money.”
Cramer said he thought June’s retail sales figures, which rose more than anticipated, were a positive economic sign. However, he said it didn’t seem to change the feeling outdoors. Nor do better-than-expected earnings reports from Morgan Stanley, Dow-stock Johnson & Johnson and Abbott Laboratories, he said.
“When you get like that, it just says, ‘Look, let the salespeople do their job.’ There is some agenda here. Obviously they don’t care about the news,” Cramer said.
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