There are too many unknowns about the worsening coronavirus outbreak to start buying stocks after Monday’s worst market slide since October, CNBC’s Jim Cramer said Tuesday.
Expert Jim Cramer has said that there are many uncertainties with regard to the worsening of the outbreak of the Coronavirus which is causing the worst slide which happened in the markets on Monday since the month of October. There was a bit of recovery on Tuesday in the stock markets after it rebounded partially from the huge drop it experienced this Monday.
Cramer felt that they were going in on quick sand as there was no clarity and therefore no indication that a bounce was likely to happen.
He said that the rise in the stock market was not due to any positive news as the only news which has come out of the market has been the rise dramatically in the number of cases confirmed for the coronavirus in the country of China and a rising death toll. The health officials of China have said that close to 4,700 people have fallen ill because of the virus and 106 people have lost their lives because of the illness.
The expert had warned on Monday that the investors who were waiting for a cheaper day to get into the market should be waiting for a little longer.
He felt that although the people had been waiting for this kind of panic to set in, he felt that this wasn’t exactly the right day for buying.
Cramer had reiterated that there was no scope of a rise with WHOs plans to declare the virus as an emergency worldwide.