Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Monday’s key moments. The Dow Jones Industrial Average was essentially flat Monday. “The Dow has been going down for seven straight days, in part, because we think the Fed is not going to be encouraging about rate cuts,” Jim said during Monday’s Morning Meeting. The Federal Reserve is expected to cut interest rates by 25 basis points — equal to a quarter percentage point — Wednesday afternoon after its two-day meeting. But that might be it for a while. The Fed started its monetary easing cycle with a jumbo 50-basis-point rate cut in September and followed it up with a 25-basis-point cut in November. Despite the market’s bad breadth, with more sellers than buyers recently, Jim warned in his Sunday column about some hot stocks sending the wrong signals to investors. The S & P 500 rose Monday after breaking a three-week winning streak with Friday’s lower close. So, it’s not surprising to see the S & P Short Range Oscillator finish oversold last week. “We’re now looking to buy,” Jim said, because that’s our discipline when selling moves to extremes. On Monday, we bought more Bristol Myers Squibb , acting on our assessment last Thursday that a slide in the stock to the mid-$50s looked like a buy. Jefferies upgraded Bristol Myers to a buy and raised its price target. The analysts cited the company’s best-in-class schizophrenia drug, Cobenfy, saying it’s on track to be a major blockbuster. That’s the same reason we like the stock. Broadcom followed up Friday’s 24% post-earnings move by adding another 7% on Monday. “Parabolic,” Jim said, referring to the stock’s rapid rise. “As soon as we can, yes, we’re going to take something off,” Jim said, noting that, for now, we are restricted. The Club is prohibited from trading a stock for 72 hours after Jim mentions it on CNBC. Broadcom is now the second-largest weighting in the portfolio. Only Apple is bigger. We may consider putting some of that eventual Broadcom trim into fellow chipmaker Advanced Micro Devices . “AMD is getting really attractive. If we could get to $120, that’s where we’d do it,” Jim said while acknowledging the “chart is terrible” for now. “By the way, the chart for Nvidia is terrible,” Jim added. “There’s a piece on CNBC.com talking about how Nvidia is kind of done here. I’m not buying the ‘done.’ I think the stock has always been ‘done’ before it has a big move [higher].” Stocks covered in Monday’s rapid fire at the end of the video were: Netflix , Ford , bitcoin-proxy Microstrategy , and Edwards Lifesciences . (Jim Cramer’s Charitable Trust is long BMY, AVGO, AAPL, AMD, NVDA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
We plan to book profits in this custom chipmaker after its parabolic stock move