We are buying 50 shares of Corning at roughly $78 each. Following Thursday’s trade, Jim Cramer’s Charitable Trust will own 650 shares of GLW, increasing its weighting to 1.4% from 1.3%. We’re making one small buy into Thursday’s market selloff. It wasn’t always a rough day. Stocks got off to a strong start in response to Nvidia ‘s much better-than-expected quarter and outlook. All 11 sectors were positive early in the session. But stocks slid as the day went on, led lower by companies tied to data-center spending. There may be one silver lining to the decline — finally, the market might be oversold, according to the S & P Short Range Oscillator . The Oscillator closed Wednesday at minus 2.77%, more than halfway to the threshold needed to officially signal oversold. We suspect Thursday’s reversal was powerful enough to get it there. A reading of minus 4% or below would mean the market is oversold for the first time since April 16. GLW YTD mountain Corning YTD Oversold doesn’t mean buy, and that the bottom is here. We’re protecting cash in case the selling continues in the days and weeks ahead. However, our discipline is always to look for high-quality companies to buy when the market is getting oversold, so we are holding our nose and nibbling on shares of Corning, a leader in fiber optic cables, into this weakness. (Jim Cramer’s Charitable Trust is long GLW. 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’re buying more of a high-quality stock hit hard in Thursday’s market selloff
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