Video: Jim's Daily Rundown for Friday

In today's Daily Rundown, Jim discusses our trading disciplines in this volatile market, the FAANG stocks, why the financials becoming more fee-based makes their stocks look cheap here, and more!

As a reminder, our February club conference call will be held next Wednesday, February 13th. For more information on how to watch/dial-in to the call, please see here.

Katherine Ross: Good morning y'all. I'm Katherine Ross with Action Alerts PLUS. I'm here on the floor of the NYSE with Jim Cramer. Jim, oil's down. What's going on?

Jim Cramer: First, I want to congratulate you on your promotion.

Katherine Ross: Thank you.

Jim Cramer: You were great to work with and it's really important that you be singled out for that. It's been a long time since I've been at TheStreet that I just say, wow, good job.

Katherine Ross: Thank you so much, Jim.

Jim Cramer: You got a new attitude at TheStreet, a lot of real excitement, and I was very proud of you.

Katherine Ross: Thank you. That really means a lot.

Jim Cramer: Absolutely. I'm sorry, but I just wanted to say that. I thought it was important.

Katherine Ross: Thank you, and I do also want to say while we're on this, Happy Birthday.

Jim Cramer: Thank you very much.

Katherine Ross: All right. So, let's get into the nitty gritty of the market. Let's talk about oil.

Jim Cramer: Yeah. Okay. Well, whenever we see stories like Ben Stoto showed me at 5:30 today from Politico which said that the President is going to sign an order ahead of the World Mobile Conference to block any Chinese companies from selling ... you can't buy their stuff if you're in telco. That's just a shot across the bow that may not be able to come back because with the President not being able to ... already kind of writing off the idea of talking out of the tariffs.

Jim Cramer: So that caused oil to go from positive to negative because anything worldwide that's slow, tariffs would be slower, sends oil down. Oil sends the algorithms down for stocks and you have a down day. And that's what's happening. I was very cautious last night. You know, we raised cash yesterday for the trust and we made it clear that we weren't tempted at all to buy anything. It was everything away from our levels.

Jim Cramer: We do have a conference call and that's Wednesday at 11:30, and I'll go out, obviously, and talk more about this. But our discipline is preventing us from buying anything right here because of the oscillator being overbought, and because it's so far away from and nothing helps our basis. Now, we will be issuing bulletins for people who just came to it. There's always people who just came to the product, just joined the Club, and we will tell you what we think are the right levels to buy, but we're not there yet.

Katherine Ross: I'm glad that you mentioned new members because I actually have a question about that.

Jim Cramer: Sure. Go ahead, I'm sorry.

Katherine Ross: Right now ... What were you going to say?

Jim Cramer: Oh, I was saying like we said yesterday in our video that Goldman at 190, now I mentioned Goldman so I'm frozen, but that's at book value so that's the kind of thing we're going to be giving you guidance on. I don't want to steal our thunder of our bulletins though. I'm sorry, go ahead.

Katherine Ross: No, that's okay. What else should members be looking at? Is there anything else that they should be buying?

Jim Cramer: I believe in Cisco as it comes down. I know there's some notes today saying that Cisco's not going to go out as strong. I think that Cisco, John Chambers is on right now and former, but Chuck Robbins in on this morning. I think Chuck is going to do a good job, and long term I just want to bet on Chuck. So if you want to then you don't need to buy it ahead. I see some stocks that are going down.

Jim Cramer: Let me give you an example of a stock that I want to buy, United Health. All right? Great quarter. Stocks coming down pretty precipitously. There's no reason for that, but it's a $260 stock and at a certain level we're going to say it's okay.

Katherine Ross: What about, we're seeing a return of volatility here?

Jim Cramer: Yes, we sure are.

Katherine Ross: And yesterday we had the trade talks, it's kind of the big headline of the day. Should we be worried about the fact that President Trump won't be meeting with President Xi before March 1st?

Jim Cramer: Yes, because like I said, the first half of the rally was a good sign that [inaudible] stopped. The second half of the rally was that the trade talks were going to go well. We've now been knee-capped on the second half of the rally, and that's what's really going on. It's the split you needed both to take it through the 200 day. You only got one. If you only got one, then you got to recognize we can go low.

Jim Cramer: Last night I was very cautious on the show. I was going back and forth with my friend Matt Horween was fighting with me. I was very cautious because I really felt that they wanted a sell off and in all the work I do you never buy when we're overbought. You can buy it when we're not overbought, but when we're overbought on the first day of a sell-off, you don't buy. Second day of the sell-off you can be selective but you still shouldn't buy. Third day of the sell-off, attractive. We're on day two.

Katherine Ross: What's going on with FAANG right now? What are your thoughts?

Jim Cramer: Well, you know Amazon for all I know it's about people think that his ex-wife or his soon-to-be ex-wife is going to dump stock, this is about Bezos. Facebook, the German regulation. Apple, Tony Sanguinetti's call saying that Apple's going to have a huge shortfall in cell phones. Alphabet still is not recovered from what people think was a bad quarter. Netflix, sign-ups just supposed to be okay.

Jim Cramer: So FANG is hobbled fundamentally right now, and therefore we've hobbled technically. People know how I feel, our basis much higher. We're going to recommend that, not that far from now, that you do some buying in some of these if you're new to the product.

Katherine Ross: All right, Jim. Have I covered my bases? Is there anything else that you want to talk about?

Jim Cramer: You know, when I was doing some work today on the banks I was really struck again how cheap JP Morgan is. I mean I can't believe it's come down this much. How cheap Citi is, and they can't do what Sun Trust and BB&T are doing. They're not allowed to merge, they have too big a deposit base, but they make a huge ... you know, when look at the Sun Trust and BB&T merger, a lot of their income is fee and JP Morgan and Bank of America, Goldman, they have great fees and people are not giving them any credit for that revenue stream. I think that's a mistake. These are turning into very good consistent retailers, online retailers of money, and that's the way you should look at them, online retailers of money.

Katherine Ross: All right, and I just want to remind members that we have our monthly call.

Jim Cramer: I already worked ... you know I was working on it last night at 11:00. I said, let me write my-

Katherine Ross: You're already started on it?

Jim Cramer: Oh, my God.

Katherine Ross: It's your birthday weekend. You should be celebrating.

Jim Cramer: It doesn't matter. We've got, fleshed out some of our rules and what they mean. No, we can't do that. I mean my wife hates this week. She says I hate the second week of earnings and I hate the Club call because you take it too seriously. And I said, you can't take it seriously enough.

Katherine Ross: And members get the benefit of that. So I just want to remind you guys that it's next Wednesday at 11:30 and that's it for today.

Jim Cramer: You know, let the market come in.

Katherine Ross: Yeah.

Jim Cramer: You know we tell people not to buy yesterday. We did some selling, even though the market was down 300. That was the right call. Don't see much to buy yet.

Katherine Ross: So hold. All right, guys. Thanks for joining us. We'll see you next week.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.