>> that 2020 breakout level 105, 100ish is really important. that's what i want to start nipping at but i wanted to hold that level. >> and guy, what's your final trade? >> check the guggenheim, qualcomm i rally. >> thank you all for watching fast money. mad money with jim cramer starts right now. my mission is simple, to make you money. i'm here to level the playing field for all investors. i promise to help you find it. mad money starts now. >> i am matt kramer. i am just trying to help you make some money. i do not just educate but i teach you. you can also tweet me at jim

cramer. you see inflation, perspective earning shortfalls, the s&p is surging 2.76 and the nasdaq was at 3.11%. do you think the buyers have not heard the bad news? you think they are in the dark about inflation or the war in ukraine or rate hikes? i think anyone paying attention got used to those stories of months ago. this number we would have considered awful six months ago. every time i come out with a little wee bit -- i find myself roundly criticized for ignoring that the kids that will cause the economy to crash any day now. the federal reserve waited too long to tighten and now inflation is unstoppable.

we're told the president is too weak to stop china -- i do not dispute that stuff but there is only so much the market can go down. again, none of these worries are systemic, like the financial crisis was and none of them, none of them are new. it reminds me of when i used to scream at reporters when i started 25 years ago. to stop serving the same warmed over negativity because it was not helping anyone. as i have strolled through the canyons of wall street, deep in thought about how the market rolled over in the middle of our first show at the new york stock exchange, one story of possibility -- apple might be cutting back on hiring. i found myself thinking about other times when the market rolled over, only to rally a

few days later when i worked downtown. how about april? remember? that is one nuclear reactor number four chernobyl blew itself up to kingdom come. oh, we are all paralyzed down the block. we talked about selling stocks. that cloud killed hundreds, maybe thousands, according to the incredibly inaccurate new york post. someone thought european restaurants will be closed for a long time. i thought milk would be destroyed by -- others wanted to sell everything because the market would certainly crash once we realized how bad the disaster was. if you go back and look at the 40 year chart of the s&p 500, i defy you to even find the chernobyl problem.

then you have the nuclear fallout. it never got here. frankly, it did get to sweden. fast forward to 1987, year and half later, we are talking about something you think would be bad. we had black monday. hedge funds closed and brokers shut down and billions were lost. the end of the world -- except it was not. in fact, most do not even remember why we crashed. there was a strong dollar? we have that now. within a year, we made back all of our losses and then some. black monday and the day after were actually tremendous buying opportunities. my critics would still have a 40 year cds. that is where they would buy them. i will get a hang of this. how about friday the 13th of

october, 1989? that was terrible. there was an alleged many crash. it happened in a couple of links of an eye. why did that happen? oh, so serious. such a terrible thing. this was none other than united airlines. why did that even matter in retrospect? you could not even wait. you should have -- in the book, before market trading, that monday morning. all these things occurred when i was working downtown on wall street in the 80s. i can only imagine how i would have been eaten alive on social media back then. there would have been dripping cynicism about how crazy anyone would have to be to recommend stocks while nuclear fallout looms. a little cloud dust coming our

way over the atlantic. how can i think anything positive on black monday? heavens to betsy. with the hindsight, the benefit of hindsight, the biggest mistake was that i was not -- i was not bullish enough. i figured there had to be more to it. it could not go up 22% with no reason. it went down -- that is why we came back with such a vengeance. these are just tales of the 80s when i worked down the block. forget the s&p and september of 2011. remember the cypress canary in the coal mine? what is that about? we are some sort of mining business? the oldest bank on earth during

european debt crisis -- i still have a checking account there and we are doing fine. when i was looking over my twitter mentions, i was basking in the glow. it is so cool here. i have this handheld guy. that is a cool outfit. it is generally constructive comments. i mean, well, there were so many snide, belligerent, moronic attacks. after a while, yeah, they can get to me because i am a philadelphian. who the heck is jim cramer to recommend stocks in this market? we did not have twitter in the 80s but i had plenty of critics when i wrote articles about the market. it seems like yesterday was a good time to be bullish. if some bozos said -- if they wrote to me and said -- he wanted to know where my license was to talk about stocks.

right fishing license? here it is. there is a whole group of critics online i would rather be wrong than -- they are a stand-in for wall street or late stage capitalism. i need to talk to those guys. at the end of the day, i only represent myself. i am trying to teach people how to approach markets using everything i have learned for more than 40 years in the business, including what i learned down the block on a day when we were supposed to sell mcdonald's because of chernobyl. that is my only agenda. as a veteran -- i can tell you the level of negativity about stocks at this moment is the highest it has been in years and years and years. some of that is correct because the market has gotten really ugly at times but that is only because -- it is based on anger. they are trying to win some sort of argument.

that is the wrong approach. these people would rather stick to their guns and try to make money. that never ends well. many of the haters seem to like only a handful of stocks mostly money-losing companies that went out of style months ago. or they are sticking with crypto and all the crypto went down. they do not understand changing your mind is a virtue in this business. of course, i'm here to teach everyone, including my most unconstructive critics. that is why i started the investment company and i give you a editorial meeting every morning for club members. many people have lost their shirts because of this market and i cannot blame them for wanting to take it out on me. i will do my best to put that shirt back on. it is gaining trackage by the day. >> there is always going to be

an army of people eager to say anything cramer tells you, to take the other side of the trade. good luck with that. even if you think i am an idiot or a fraud or a charlatan, if you want to bet against me, you could understand what side i am on. i am on the side of progress. i purchased stocks when the dow was at 1000. i purchased them when it was at 2000 and at 3000 and now i am of the block and it is 31,827 and i think we are still fine. what makes me confident? i know it is just a matter of time before the millions of people who started investing with the brokers -- they will be blown out or lose interest, like all the people who bailed yesterday when we learned about the apple hiring slowdown. that is how the market bottoms.

maybe it has already happened. maybe after today's posting, they are all gone. if i can do only one thing in this tough environment that makes a real difference, i hope i can separate the smart, younger investors from the charlatans who think the whole game, the whole market, is just about two stocks, gamestop and amc. all i can say is go purchase a video game. go to the movies but shut the heck up. i want you to make money, not lose money, even if you hate me. for the majority of my haters, all i can say it is not too late to take the other side of the trade. let's go to susan in new york. susan? >> hello, jim. congratulations on the new set. >> thank you. what is going on? >> i am a big fan. i'm always overwhelmed by your knowledge. i am wondering about a very old

standard, once upon a time this was a cornerstone of every diversified portfolio. what are your thoughts about general electric's these days? >> it is a work in progress. i think a much better purchase if you want space is honeywell. look, i want you to make money, not lose money. no matter your opinion of me. i have to find out what happened here. and then we will look at the averages. is this what they have been waiting for? i will look at someone who is correct about this we are going back to larry williams. the stock got crushed. let's find out if that is what should have happened when we talk to the ceo. stay with cramer.

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is the fundamentals of business have not really changed. the difference is not that great for the industry. sure enough, halliburton reported an excellent set of numbers. they are talking about a multiyear energy upcycle. >> let's check in with jeff miller, the ceo of halliburton. we will look at what is coming next. thank you. >> it is great. the new set is fantastic. this was an amazing thing. there are so many highlights. let's start with this. early meanings -- we just stopped drilling. >> investment is down by half for almost 8 years internationally and you just have to drill. it will be multi-years of recovery. of activity for us. >> i was surprised.

i thought maybe it was just the united states but the middle east -- i learned that they need to spend more money. >> absolutely. it is a fantastic opportunity. >> okay, let's talk about how some of this has to be technologically driven. you are inventing -- how do you drill 50,000 feet down? >> it is fantastic technology. we do a lot with drilling tech knowledge he. i think about it like space almost. we drill 50,000 feet and put it in a bucket. that is what is involved in drilling these kinds of wells. it is great technology and we have done a lot to advance hour drilling technology over the last five years. >> do you really need 100 barrels? >> this is a great business. >> one of the things you talk about better than anyone is the notion of the actual inventions that you have made.

i mentioned the automated cement late. it is not one size fits all. >> it allows us to work remotely. this idea of automation is changing the game in services. just to point out, halliburton is number one in our sector in patterning grants. we have been that way. >> we need to think about -- there turned out to be so much more oil than we ever thought. >> even we did not know what in the '14's. >> directional drilling and hydraulic fracturing is a couple things we do and it is incredible -- never bet against technology. >> you talked about how this is

-- it is not necessarily a build cycle. we are not trying to say there will not be more building. you are saying you will make more money coming even though you are sold out. >> absolutely. maximize value in north america and grow possibly internationally. those are are strategies and what we are executing on and this industry, our business, we want improved returns and we see margins improving and that is critical. that creates all the option now the to return cash to shareholders and pay down debt and do what we want. >> you cannot just -- it is not like they put more oil in them and then you keep taking it all out. it does not work like that. >> it does not. the fact is, you know, the types of wells that are being worked on, they will drill a

lot of wellbores and it will be the kind of thing that halliburton does. it will be drilling wells, completing wells, and there will be well -- >> halliburton -- i have known your company for years. it is not like you are saying let's go to 200. you better start drilling right now. that is not your style. >> not at all. we are steady executors and we love execution at halliburton and we set out a strategy. we execute on it and we see the ability to grow the business and expand margins where we are today. >> many might say we want you to buy back stock. i want you to purchase more technology. what is the right way to go? >> technology. always technology. >> e building. >> building technology. innovation, technology, that is the key to winning.

>> can you beat the biggest producer with halliburton's technology? >> absolutely. no question about it. to me, that is why this is such an amazing story. i can tell you, sir, when i listen to you, i want to do more. >> that is jeff miller, halliburton's chair man, president, and ceo. i think he is one of the best in the entire market. mad money will be back after the break. is it masking bullish days ahead? cramer let's the charts do the talking up next.

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i do not want to drumbeat negativity but that might be the reason why stocks bottom up. before you dismiss the as an

optimist, let me be clear. it would not surprise me at the bottom has arrived. that said, i am always warning you to take your emotions out of the equation. you cannot trust your gut in moments of extreme fear or extreme euphoria. that is why many -- even though the federal reserve declared war on stock prices. we are in a bear market. they have gone too far in the other direction. stocks deserve to get hammered but even when the feds are tightening and there is destabilizing war in eastern europe and the second largest economy in the world keeps shutting down and closes major cities, you have to remember that stocks do get cheaper as they get lower as opposed to crypto or co-options. everyone who is going to sell

has already sold and that is the moment when stocks bottom. now we've gotten so used to negativity that it does not move the needle anymore. we have to ask, has that happened already? i am here with lauri williams. they are doing their thing -- they have written more than a dozen booking created a host -- more importantly, they have a tremendous track record. they have been calling -- for instance, back in april 2020, they said the sky was falling from covid. we thought it would be like the depression. the stocks came roaring back. that is what happened. he said it is time to get bullish again. the last was late august.

he figured we were due for at least an intermediate bottom because they got too negative. at the same time, he pointed to the futures market data that showed commercial hedgers had gotten increasingly positive. historically, this is important. when commercial hedgers and hedge funds are betting on opposite sides, you want to stick with the commercials who were bullish. your market -- they got interrupted yesterday. everyone was freaked out about some chatter that apple plans to slow down hiring. we got back on track with that monster 754 point dow rally. as william sees it, it might just be at the beginning. why? first, look at this weekly

chart of the s&p futures going back to late 2018. remember how i said larry has all sorts of metrics? at the bottom is his williams panic indicator. this is what it sounds like. why do we care about panic? markets do not bottom until investors capitulate. there is a pretty darn good job of showing you when people are throwing in the towel. when you get mass selling, they will throw up a buy signal that has been a very good time to pull the trigger. i always say, panic is not a strategy but maybe it is a buy strategy. if the market bottoms, they -- what a tremendous entry that was, right? it is the buy signal. this has only happened 18 times in the last 90 years. 18 times.

almost every time, you had two pounds. i like those odds. we have capitulation. it is not enough. you need something that can turn things around. right now, they think we have time on our side. he says we have a historical pattern of time on our side. he has a daily chart of the dow industrial average. so far, you are with me. the blue line in the bottom shows how the dallas average performing in years that end in two. 2012, 2002, 1992, and so on, going all the way back to 1922. this is what technicians call -- the blue line shows you the path the dow took in years that ended in two. historically, those years started off the week before

finishing very strong. sound familiar? you might think it is crazy to work something like this into your investing practices. who cares if it is a year that ends in 2? does 2022 have anything in common with 2002 or 1992? i say, look, you're absolutely right. there is no logical reason why this pattern should be a good way to predict the trajectory of the stock market. however, they have had some predictive power for whatever reason. maybe it is something we cannot grasp. give it like this. we know that there are a ton of chart driven traders to care about this, even if you do not. now they have one more reason to be bullish and they will take action, even you think they should not. we want to point out there is a 20 year cycle going all the way back to 1880. we have been through this cycle six times before and at this point, we have a bull market. if it holds, we could have a

nice run over the next few years. take a look at the dow in the early to mid 1940s. you have a terrific rally through the late 1940s to early 1946. maybe that is a bad example. extraordinary times. what about the next iteration in the early to mid-1960s? a powerful run from mid 1962 through 1966. i could go on. we have had the same trajectory in the early to mid 80s. and then, again, 20 odd years ago. is there any reason why this pattern should repeat itself again? i am not omniscient, but larry points out that they are five for five if they do this. here's the bottom line. the chart is interpreted by the legendary larry williams. they say wall street has thrown

in the towel and some powerful seasonal patterns are finally on the side of -- i would not be surprised if he is right again, meaning the bottom really is in. joe in north carolina? >> hello, how are you? >> i am good. thank you for calling in. what is going on? >> a huge congrats. it is great to see you. >> oh, thank you. you are very kind. >> you were meant to be here. a question about this. you talked about it a couple weeks ago. analysts have cut targets. like you -- i think we are heading to a recession. so -- company exposure to bitcoin. is there a better entry point? i know it had a bit of a run

with this recent rally. i missed it but i am looking long term. i think there is a better opportunity. what do you think? >> i think this market is headed up a little bit. they are going to do okay but there are so many other stocks that are doing well and i think you are correct. they have had issues in recessions, so i would be careful. how about thomas from new jersey? >> hello, how are you? >> what is going on? >> my question is -- i heard that it is all the way at $30. i want to know what the issue is. >> let's wait until the stock bottoms before we take a shot at it. it is a shot, believe me. they suggest wall street is throwing in the towel and there are powerful seasonal patterns on the side of the bulls, not

the bears. do they have plans to combat the bears? >> there is one frustrating aspect i find absolutely -- i will look at that with all of your calls, rapid file, so stay with cramer. g icy hot pro. ice works fast... to freeze your pain and your doubt. heat makes it last. so you'll never sit this one out. new icy hot pro with 2 max-strength pain relievers. [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and

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what we make of the postbreakup of ibm? this is one of the few tech stocks that was up. last night, they reported a mixed quarter with imperfect guidance.

it was up 5%. i think this is a solid quarter and there was a lot of nitpicking with the wind down of the russian business and some currency fluctuations. ibm sells for less than 14 times with -- could this be a buying opportunity? let's take a closer look with the doctor, the chairman and ceo of this group. welcome back to mad money. >> it is a pleasure to be with you. this is wonderful. >> am so glad you're one of the first people to be here. i want to cut to the chase. i have been telling you you give me that solid revenue growth and solid earnings and i am on board with ibm. you far exceeded that. perhaps maybe someone is changing the goalpost? >> i think it is a dynamic market. a lot is going on with interest rates and inflation and demographics and laws. there has been 9% revenue

growth. we printed 231 in -- $2.1 billion in free cash flow. it is $3.5 billion more than last year. i think these are great numbers and the market should do well doing more but these -- are happy with the demand we are seeing. we are all around the globe. all that is really good. >> on the call, there was this unruly group of people who seem to think the dollar should not impact you. you are a great worldwide business in 170 countries. it is hard to avoid a currency that was not week versus the dollar. >> the dollar has been at a 20 year or 25 year high depending on the country you're in. you can look at western europe or the united kingdom or japan. they will continue -- we have

revenue in local currency and some expenses in local currency but all of the products we make are coming to the united states. we are suffering -- i think it is -- >> there is a moment in your call. a lot of companies got out of russia. you are actually making real profits when you left russia. >> absolutely, we were making 300 million in revenue and -- >> you give it up and people act like you are like everyone else. you have been losing money for years and were looking for a reason to get out. it was a good business for you. >> we were not looking to get out, but we believe it is the ethical thing to do. >> some people are concerned

about this. as ibm labs, they expect reported growth to decline 4% year-over-year. he expects that. do you expect that? >> no. our model is we will do mid- single digit growth. let us be clear. so, they get an extra pump at the beginning of this year. we know that goes away november 1st. you have one year of growth. we are absolutely -- we are sticking to our plan with single digit growth. >> another point i wanted to make, you brought up the cash flow. you said it will between 10 and 10 1/2 million. that was as if you would do eight or seven. honestly, it was one where people seem to be looking, i

said nitpicking, where things will go wrong with one of the best performing stocks in their sector. it is as ithey want to purchase the stock set her down a lot and jump on the ones that are doing well. >> it is in our range. it is also 3 1/2 million more. it was 6.5 last year. that could be in the high sevens. it is still above what we did last year. those are great numbers. >> they had not slowed down. >> our model -- we got to 17%. we believe that we will do upper teens. >> let's talk about world growth. there are many things -- you are pretty steadfast in that ibm has the products and the team to be able to handle what

is thrown at you. this would be the market rate think it is a true test of idea and strength. what is your confidence? >> i am competent. we will increase cash flow year- over-year. what could more want? >> you have the products and the people. what gives you confidence? >> the issues -- this is everywhere, interest rates, inflation, demographics, supply chain resilience. in the face of all that, technology has an advantage. the only way to handle all of these issues is automation and artificial intelligence in the back office. they believe in us to help them through these issues. >> i do not know if it is an emergency. >> look, i will give you one great example. you brought up advertising. this is unbiased towards the target audience and that is in

advertising. we will bring it to the rest of our clients. it is a great thing for us to learn. how many things -- you attract 1 billion people a day. then we learn from that and all the technologies are given to clients. >> do not get rid of it. it is the first thing we look at. this is -- they are doing all the revenue growth that i asked for and i cannot turn around and say, why -- that is what they did and more. we will be right back after the break. what is on your mind cannot give us a call. the lightning round is storming us next.

lightning round is sponsored by ameritrade. >> it is time for the lightning round. >> are you ready? steve? >> hello, jim. thank you for taking my call. >> i am with you. i love that. let's go to wayne in florida. >> jim, florida. they are holding for 20 years. buy, sell, and hold? >> they are the largest company but they are not for me. let's go to michael in texas. michael? thank you very much.

>> families need those products. why is the stock language in? >> because people feel once you add that additional fertilizer plant, the prices cascade, which is why i am saying that you want to be in the group, you should be in jon deere, they have an able to come back regardless of the cycle of fertilizer. let's go to patrick in massachusetts. >> a, jimmy. you like this? >> i do. it is still the best thing for an experimental brain cancer

and i think it is going to be the standard for long time. let's go to brian in pennsylvania. >> thank you for taking my call. i love the new set. it looks really nice. >> thank you. it is a good book. >> back in the spring, they were trading in the mid-80s and now it is in the low to mid 70s. should i hold, accumulate, or look elsewhere? >> i think the cycle -- to me, it is actually possibly -- i do not want to be there. let's go to jon in texas. jon? >> this is better than the current state of wwe. would it be a good time to sell wwe stock? >> i like that call. let's go to tyler. >> how are you doing? >> doing well. how about you? >> i am doing good. i wanted to ask you on

patterson energy. >> a very good company but i have to tell you i prefer halliburton, which is owned -- we talk about them a lot. let's go to greg. >> hello, jim. thank you for taking my call. i want to get your thoughts on the latest earnings report. >> they are okay. i think what happens is you have to be involved with wells fargo. it is much better. how about stan in texas? >> welcome from the rocket city. >> i like that. >> they are researching drug and they have $300 million in cash. they are looking at therapy the. it is rocket pharma. >> they are incredibly speculative and i am deeply concerned -- the need to raise

money, so i'm telling you to take a pass on it. >> hello. >> how are you? >> i have a feeling. >> i spoke to them. they make the materials you need in order to have good stuff and i think it is definitely a bite. i think it makes a lot of sense. that, ladies and gentlemen, is the conclusion of the lightning round. >> the lightning round is sponsored by ameritrade. coming up, do not stop shopping when the fruits of the market look a little bruised. find fresh ideas at kramers market of stocks, up next.

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coming up, record-breaking heat torches the uk. how much worse can it get? who is testifying at the next january 6th hearings? the news is minutes away. >> the facts. the truth. up next on cs -- >> i believe in this beaten- down market and believe it is starting to change but the

hatred islooked at endlessly and it will not go away anytime soon, even if we get more days like today. let me get you something. for as long as i have been in this business and they started 40 years ago, i have thought we have a market of stocks, not a stock market. i have treasured individual companies and i think if you have the time and inclination, and the ability to beat the market as a whole by picking individual stocks. you have to do your homework. this does not behave -- this is not behave like a market or -- it became a market of apple, amazon, google, facebook and a few others like tesla. at one point, i had more than $800 billion of it. they have now become the achilles' heel of this market. why? because we believe they were secular growers that did not need a strong economy in order to thrive. it turns out there much more hostage to global gdp growth

than anyone thought. that has been my line on these stocks. i told them that they could great demand problems for everybody, and that means something for each one of these stocks. let's look at apple. china shut down and it has hurt sales. amazon spent too much funding the warehouses and they have to make sure it goes back to normal post-covid. google, it is way too dependent on advertising. facebook is crippled by the new privacy rules that make it harder to target ads and then this could be chimeric. and then they are -- i get the obsession with these stocks but i do not like them. the environment has changed. it has gone out of style. i never thought i would say that. there much -- it feels like they are targeting things. i do all this work on wells fargo and bank of america and

goldman sachs and it means nothing to people. same with the possibility that they can have a real run because some of them have genuine secular growth aspects but nobody cares. consider maybe they will no longer control the whole market. even if you like them, which i do, even if you like them, you have to stop thinking that is all there is. think about yesterday, when apple's rumors are brought down everything. that news about a slowdown in hiring created buying opportunities all over the place. if you are just looking at the market as nothing but buying because they used to be the market leaders, you will miss out on every single one of these major opportunities. yes, it is important. yes, it could hurt the market if it misses its quarter but i genuinely believe these stocks can no longer be considered the only true bellwethers.

there are hundreds of other stocks you can buy when apple goes down. stop thinking so small. think big. the market has changed and changed for the better. there are more opportunities but they are no longer the shocking images on a day of heat, horror in the great britain. i'm shepard smith. this is the news on cnbc fires rage around london homes and businesses reduced to ruins. >> i never thought in my wildest dreams that it would happen to us. >> unprecedented heat kills hundreds the u.n.'s climate change warning to the world >> collective action or collective suicide >> secret service text messages gone from the capitol insurrection day. investigation launched were laws