Overbought markets 'tend to get hit with sell-offs, especially when we're being flooded with shoddy IPOs,' Jim Cramer says.
"I know it's been rough, but last week this market was really overbought still, and when you're overbought you tend to get hit with sell-offs … especially when we're being flooded with shoddy IPO merchandise," Cramer said. "I think we need some more downside before I'm really ready to get more positive."reports earnings before the market opens.
"Expensive valuation never seemed to matter to the stock until June," Cramer said. "That's what happens, though, when you go out of style on the Wall Street fashion show. Watch how this one behaves after the quarter."delivers a quarterly report in the morning. Housing has been a strong spot in the economy, and shares of the homebuilder have been steadily growing, closing Friday's session shy of 40% year to date.
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