 All right, good Thursday morning, everyone. It is time to talk about the markets with Jim Kramer on the floor of the New York Stock Exchange. And Jim, let's start with your reaction to all the Fed news from yesterday. Yeah, I mean, I think that I'm not saying as much as you do about nothing, because any time you get a rate hike, that's not, especially after it's such a low rate. But I do think that we overly parsed what Janet Yellen's trying to do. I think Janet Yellen, while I disagree with her strategy, she should be selling bonds as there's a huge appetite for them right now and not buying. She should be selling furiously. But I do think that what she's doing is just trying to get us so that when you have the kind of unemployment rate that we have, I mean, Jobless claims today, bested in the 70s, that you really don't have to worry about knocking the economy off by raising rates a little. We want to get back to a more normalized rate. We're not in an emergency way at all. I think it's a very good time. Not a great time. If it was a great time, then she would be way behind the curve. She has to be taking half point steps. She wants to avoid having to take half point steps by taking these quarter point steps. But I think that, in essence, the market is spending too much time looking at how stocks went down and then coming up with thesis. When I did a piece of real money today saying, listen, this is part of an ongoing rotation, it started last Friday. It had been disguised by the decline in oil. But this rotation is just right in sync with what happened Friday. And it was interrupted by too much aggressive fang buying on Monday and Tuesday. So now the fang stocks have to settle in. We're getting the traditional downgrades that I would expect at this point in the cycle. But the one thing I point out is that none of that has to do with yelling. But we want to shoehorn yelling in. We always want to blame the Fed. And yet the Fed has been so good at not really being part of the picture. I say take the Fed out and look at what's happening with the companies not relating to the Fed. And you'll see that people are selling highly valued stocks to getting to lower banks. You mentioned fang stocks and downgrades. What did you make of Canakord's downgrade of Alphabet? OK, well, you go over that. That's a generic downgrade. Margins might be under pressure. The stock valuation is stretched. That's someone who just says, you know what? I can make a call here in the mid-900s. Maybe I get back in in the 850s. I don't know. For Action Alerts, we were talking yesterday on our conference call that that's the stock to buy if it does come in. Not down enough yet. But the downgrade to me had nothing new. Didn't count at all about Waymo with autonomous driving. Didn't count for all the cleanup of the companies that they were owned, that were losing money. So look, it's a timely downgrade for a hedge fund. It's an unimportant downgrade for a home gamer. And by the way, congrats on an incredible AAP call yesterday. Thank you. Thank you. We spend, well, I mean, that occupied a week for me. And I think that people who are members are so grateful and it's fantastic. I really appreciate all when you go on Twitter and you say you love that it means a great deal to me. And you can go to Action Alerts Plus.com for more information on that. There's also a Wells Fargo note on Nvidia facing more competition. Well, see, that guy's hated Nvidia. He's got to sell on Nvidia. So again, kind of like Google. What happens is, see, there's an arc to all of these. There's an arc. And the arc says, all right, these stocks have started to go down. I don't want to be affiliated with the bull case. I want to make the case that maybe these stocks ran too much. Those people then scare a lot of holders who don't realize, for instance, the Nvidia downgrade contains a lot of information about possible competition. Now, the whole way it's up, we knew that there's possible competition, and this analyst fought it. But it resonates right now because the stock was weak after the Goldman target bump yesterday to 170. So you've got a lot of weaker hands in Nvidia. This rotation is about shaking out the weaker hands who don't really know how well Alphabet's doing or Nvidia. You'll see attacks on Facebook. Even DJ Khaled was on talking about how great Instagram is. And I just think it's par for the course. You'll probably get a downgrade tomorrow for Facebook. And then we'll get a refresh as we get closer to the end of the quarter. People then will start defending. They would have defended, but you know what? The stocks bounce so instantly on Monday and Tuesday that people were thinking, now maybe this sell-off is over. That was premature. The rotation came back. It was obviously waiting for the Fed. These rotations are very important for the following reason. Don't get sucked in unless you're a hedge fund and you want to scalp 15 points for Google. That's fantastic. Maybe even get 25. And I know that if I were at my old hedge fund, I'd be saying, oh, I can bang out Google here. I see a lot of bad hands in Google. And then I'll go buy it back. That's something for the very nimble. It will work. But that is not what I'm preaching. And you mentioned DJ Khaled. He told you about a lot of different investments he's making. That's very interesting. He buys mansions. Mansions are what you buy. My friend in writing college, Matt Horweed, has always pointed out that mansions maintain their value even in hyperinflation. Very interesting. Now, I didn't get whether he thinks there's going to be hyperinflation. And I don't know whether he's subscribing and realizes that mansions hold the best value. That's something that even in Zimbabwe, they held. In Weimar, they held. But what matters to me is that he is calling for a nicer tone in social media. And he was talking about the idea of all the social media companies getting together to make it easier to link. Now they won't do that because they're trying to destroy each other. Facebook obviously hates Snap. And Twitter, it's unlikely they'll be in alliance. But what he wants to do is make it so it can be more seamless. Zuckerberg wants to make it so that you don't want to be anywhere else. Seamless by having it so that everything is on Facebook. All right, back to stocks. What did you make of Kroger's lower guidance? You know, it's just not Kroger's time. Kroger had to cut numbers and didn't get the food inflation that a lot of people were looking for. But what people read through with that is, OK, Walmart's getting even more aggressive. This is the Walmart and Amazon again. Target, by the way. Remember, Target has to be in there fighting for food share. And Walmart is being so aggressive on food, they're really just kind of using their balance sheet to eviscerate of Kroger. Kroger is such a good company to see the stock down so much. Now, if they creep up two points, thinking that there would be food inflation, maybe Kroger would actually raise numbers. And maybe that the same store sales would be positive. They weren't. This also reminds me that if you're in Whole Foods, you better hope that Janna, the greedy bastards, according to John Mackey, the CEO, can press and press and press because Whole Foods is too high off this. But what this is saying is that we've got to start thinking more about not just Amazon wrecking margins, but Walmart wrecking margins. Walmart is not giving food away, but they're giving great value. Costco is giving food away. Costco is selling food at cost, making the money up on the membership. Costco is a huge food seller. So you've got Costco, you've got Walmart, you've got Amazon, you've got Target. These were not as aggressive even a couple of years ago, except for maybe Costco. And Kroger, are they ready for it? No one's ready for it. All right, and staying with the consumer, there were reports of job cuts at Nike. Mark Parker, quiet, man, doesn't stand for underperformance very long. Mark Parker's Belichick, he's not going to allow that company to drift. And he's going to take radical action. Now, Nike is one of the best-run companies in the world. But Nike, and Nike sees that Adidas has come back. Nike knows it wants to keep the thumb one under armor. But Nike might have realized is it got bloated. And it's taking radical action. So that will drive the stock down. And then later on, it'll be up. Mark Parker is struggling right now. He won't stay struggling. All right, and then we have the Corning analysts meeting on Friday. Anything you're expecting there? I want to hear more about what Apple's doing when they gave them a couple hundred million for American manufacturing. I believe the TV screen sales are strong. That'll also be a good read-through, by the way, for 3M, which is doing incredibly well. I'm excited about what Corning has to say. They've been doing a lot of right things. Those of us who remember the great Corning of the 80s and 90s before things got in trouble are seeing a resurgence to that Corning. I like it. And you mentioned earlier this week that 3M is the stock people go to when the Dow sells on. Yeah, and 3M has noticed. 3M has done remarkably well during this period, which is, again, let's just bring the Fed in. If the Fed is tightening, we're really hurting things. Why would the housing stocks be doing so well? Why would United Technologies be doing well? Why would Honeywell? Why would Boeing be going up? And why would 3M going up? I just think that the people who make these read-throughs from the Fed don't know the individual stocks. Now, let's be sure. I do not think the sell-off is over. I think that we have to see more whites of their eyes. 245 will be my tell. That is traditionally when I find out whether I think the market is going to stabilize. I'm sitting on my hands. We're looking at situations for action alerts, issuing some bullens about a steel company that I think is a great buy. But we're not pulling triggers because we're not done with the sell-off. We will be watching for your bullens on Action Alerts Plus. Jim Cramer, thank you so much. And for more information on the stocks Jim mentioned, please head back to thestreet.com.