Be selective buying in this market

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. Remain selective when buying Adding to Estee Lauder Keeping watch on Alphabet 1. Remain selective when buying The S & P 500 Short Range Oscillator clocked in at minus-0.09% as of Thursday’s close, meaning the market has finally exited overbought territory. That means that it’s finally safe to start buying stocks after mostly trimming our positions as of late. But we are remaining careful and selective with the stocks that we choose to buy, and are ultimately looking for names that promise great returns in the long term, not just the short term. 2. Adding to Estee Lauder We bought more shares of Estee Lauder (EL) on Friday, taking advantage of the stock’s weakness relative to the overall market this year. While shares have been down after the cosmetics giant issued conservative guidance for its current quarter, we aren’t getting bogged down by possible short-term issues. We still like Estee Lauder as a post-zero Covid, China economy reopening play. We feel confident that the company can return to growth mode down the road. 3. Keeping watch on Alphabet Alphabet (GOOGL) finally stabilized Friday, with shares up slightly. The Google parent suffered its worst two-day decline since March 2020 after Microsoft (MSFT) unveiled new artificial intelligence-enhanced search capabilities for Bing — courtesy of startup OpenAI , the maker of ChatGPT. We’re also concerned about the Justice Department’s antitrust lawsuit against Alphabet over online advertising practices. While we don’t have any immediate plans for our GOOGL position, were keeping watch on the situation. (Jim Cramer’s Charitable Trust is long EL, GOOGL, MSFT. 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.