Video: Jim's Daily Rundown for Monday

In today's Daily Rundown, Jim discusses the Nvidia (NVDA) quarter (which we wrote about here), and he previews the upcoming Home Depot (HD) and Kohl's (KSS) quarters (which we also wrote about here).

Plus, he briefly mentions the semiconductors away from Nvidia, CVS Health (CVS) , Johnson & Johnson (JNJ) , and JP Morgan (JPM) .

Katherine Ross: I'm Katherine Ross and I'm here on the floor of the NYSE with Jim Cramer. Jim, let's kick this off by talking about Nvidia's earnings. What do you think?

Jim Cramer: I was surprised the stock was only up 11. That's how good Nvidia's quarter is. The gaming chips are finally... There was a gap in gaming. Now everybody's starting to write for the gaming chips, which are very lifelike. I've seen them in action. They're a quantum leap from current video games. That would be for an NBA 2K. Well, you've got a bunch of video games that are mentioned, so you should read that.

Jim Cramer: I do think that there had been a question about when storage would come back. I felt very good about storage. There's autonomous driving. They're Volvos, but they also do a lot of the simulations, and I thought autonomous driving was very good. Edge computing, really very strong for them. That was terrific. I would go as far as to say that Nvidia's back. It did have a struggle in part because of crypto, a lot of people are in crypto, in part because the gaming gap, in part because of the data center slow down, which I think is now past them.

Jim Cramer: Let's just be clear, Jensen Huang was very bullish again that Mellanox is going to close. That's very important for their edge computing initiative, which by the way was a very strong part of Cisco's quarter. We know Cisco missed. So Nvidia, I think, is working its way back to 200, and we feel very, very good about it. Now understand that I felt that this opening would be a pick off, and that there was just no way you should be up 300, and I expect the bonds to reverse because there's nothing that doesn't indicate that the Europeans have changed their appetite for our bonds, but Nvidia is a secular growth story, and Colette Kress and Jensen Huang did a great job. Jensen Huang's relative, by the way, is Lisa Su, who also did a great job. They are rivals, they're friendly rivals. They both do data center. They're very competitive on gaming.

Katherine Ross: I'm very excited. On the Nvidia call, they mentioned one of my favorite games that I'm looking forward to this year, which is Cyberpunk 2077 and they're going to be designing the chips for that, which I think is going to be really exciting.

Jim Cramer: Okay, so what would it mean if they're even more lifelike than currently?

Katherine Ross: I think that it means... First of all, I get more into the more lifelike games, like the Detroit Become Human, which came out last year, is very lifelike. It was so exciting for me to play. I got drawn in. So if cyberpunk 2077 is more lifelike, I think I'm going to be able to really enjoy it more.

Jim Cramer: There were some Battle Royale games. I don't know how much they're going to play a role. I know that gaming palaces are being opened up around the country. E-sports palaces. I just felt very, very good about Nvidia, and I think that as the market comes down today, because it opened too high. Watch Nvidia, it's very good. Now, things are breaking out, like the Merck's of the world are breaking out. So I'm not negative by any means. I just don't like a big up opening.

Katherine Ross: All right Jim, let's talk about Home Depot and Kohl's, which both report earnings tomorrow morning.

Jim Cramer: I expect Kohl's to be awful. Now there was a flash note about Kohl's may not be as horrible because of the Amazon return policy, but Katherine, Kohl's looks a lot like Macy's. Now why are we not giving up on Kohl's? Because they do have a growth strategy. They do have the Amazon tie up, they're run much better than Macy's. That's for certain. The Macy's quarter was truly horrible, and the fact that they could be levered to women's apparel and have that kind of downturn, that's no good. That is no good. So Kohl's could have a better quarter. Where it is now reflects all the bad and very little of the good.

Katherine Ross: And I do have to say that members, if you haven't read his Real Money column from this morning, you made a really great point about Macy's and why that miss was so important in that column. So you got to read it.

Jim Cramer: Thank you.

Katherine Ross: Jim, I want to ask you, what else are you watching in this market right now?

Jim Cramer: Well, I am watching, aside from retail and Walmart, I'm watching some of the semiconductors away from Nvidia, because that's been a leadership group, and the NXP's and the Skywork's have to stay up. That's important. Watching CVS again, CVS had a better quarter. Can CVS stay strong? That's very important to us, with action alerts. I think it can. And then just in some of the things that are heartening. J & J, and J.P. Morgan. These are the best of banking and the best of drugs, and they started inching their way back. So I'm watching those. Obviously I have an eye on the fed because everybody else does, and I don't want the yield to invert again, the yield curve, because there's so much money flowing in today as if it won't, and that's why the up 300 in the Dow was so dangerous.

Katherine Ross: All right, Jim, thank you for your insight as always.

Jim Cramer: Thank you.

Katherine Ross: And members, thank you for watching. I'm Katherine Ross, and we'll see you tomorrow.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long NVDA, HD, KSS, CVS, JNJ, JPM.