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 Friday’s key moments. 1. Wall Street lost steam Friday after Thursday’s rally on the announcement of the U.S.-United Kingdom trade deal framework. Stocks had been higher when the Morning Meeting was recorded. For the week, the S & P 500 is basically flat, while the tech-heavy Nasdaq and blue-chip Dow are modestly higher. We’re not shocked to see the consolidation after a big rally because our trusted momentum indicator, the S & P Short Range Oscillator, was very overbought entering the week. “Typically, when that happens, the market is a little bit vulnerable to a pullback or maybe just some digestion … after a big run up, and that’s certainly what we’ve had over the past month,” Club Director of Portfolio Analysis Jeff Marks said Friday. 2. The big question Friday is: What will happen this weekend? U.S. and Chinese officials are set to gather for initial trade talks in Switzerland. Earlier Friday, President Donald Trump said that 80% tariffs on Chinese imports “seems right.” While that’s a lot lower than the current 145%, Jeff said 80% is “arguably still high.” He added, “It’s going to be an important weekend in terms of what happens from those trade negotiations. Will there be a de-escalation?” 3 . It’s been a noisy week for CrowdStrike . First, the stock got dinged on layoff news because some investors took that as a sign of weakening demand; we’d argue it’s a positive sign that executives are committed to maintaining an efficient organization. The news hitting the stock Friday is that U.S. regulators and prosecutors are probing a $32 million software contract between CrowdStrike and third-party distributor Carahsoft. Jeff noted that headlines about this deal are not new — and, in fact, we bought additional CrowdStrike shares in October when they fell on the initial report. Jim Cramer reached out to CrowdStrike CEO George Kurtz on Friday, and Kurtz reiterated that the deal was “non-cancellable” and booked in compliance with generally accepted accounting principles (GAAP), which is the gold standard. (Jim Cramer’s Charitable Trust is long CRWD. 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.
