Today was the unveiling of Apple’s AAPL newest iPhones, and typically, the stock would run up ahead of the news. That made the dip that followed the announcement a buying opportunity. But not this year, as the stock is still reeling from last week’s court ruling. Then there’s Wynn Resorts WYNN, which was supposed to be a reopening play in both Vegas and Macau. That was until COVID saw a resurgence and China cracked down on gambling. Even the drug stocks are under pressure as talk in Washington of price controls resurfaces.
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Much of the recent rally was fueled by FOMO, or “fear of missing out.” But as we approach mid-September, timing is everything, Cramer noted, and it may no longer be prudent to buy the dips.
When is the right time to buy? When is the bottom really the bottom? Cramer said when stocks get bad news and they don’t go down, that’s when you’ll know the pain is over.
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At the time of publication, Cramer’s Action Alerts PLUS had no position in the stocks mentioned.