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. Wait to put cash to work Watch oil stocks Buy EL, STZ & PG 1. Wait to put cash to work Equities continued to slide Friday morning on the back of still-high inflation and hawkish rhetoric from the U.S. Federal Reserve around future interest rate hikes. Stocks came under pressure from a stronger U.S. dollar , with the S & P 500 down around 1% in midmorning trading. Meanwhile, the S & P 500 short range Oscillator clocked in at -2.93% as of Thursday’s close, meaning the market is close to being oversold. That should create a potential buying opportunity in the near term — but we’re waiting to put our cash to work until prices come down further. 2. Watch oil stocks Oil prices came under pressure Friday, with West Texas Intermediate crude — the U.S. oil benchmark — down more than 3%, at $76.36 a barrel, putting downward pressure on all of our energy holdings. Devon Energy (DVN), which reported a disappointing fourth quarter on Tuesday, has seen shares tumble by around 16% this week amid investor frustration over its lower fixed-plus-variable dividend and guidance for high capital expenditures and softer production this year. As a result, we’re downgrading our ratings on Pioneer Natural Resources (PXD) and Coterra Energy (CTRA) ahead of their earnings reports next week on expectations for similar results, and plan to stay on the sidelines of oil for now. 3. Buy EL, STZ, PG Citi on Friday initiated coverage on Club holdings Estee Lauder (EL), Constellation Brands (STZ) and Procter & Gamble (PG), sending shares of each higher. Citi analysts said they see the “greatest potential upside” for the stocks, given their ability to whether short-term economic headwinds, while offering long-term growth opportunities. We agree with the firm’s assessment and hold these high-quality names because they can effectively navigate a tough macroeconomic environment through their pricing power, resilient demand and strong brand presence. We reiterate a 1 rating on each holding. (Jim Cramer’s Charitable Trust is long PXD, CTRA, EL, DVN, STZ & PG. 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.
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