Afternoon update: Soft-landing market rally, Alzheimer's drug approval, time to sell a winner - CNBC

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Here are some highlights from "The Homestretch," our new audio feature with Jim Cramer and portfolio director Jeff Marks to get Club members ready for the final hour of trading on Wall Street. Soft-landing hope behind market rally Jim Cramer: "What we realized after the employment number, what's perhaps even more important, is that we have a drop in the ISM and weak factory orders and it's causing the market to have the best rally since Nov. 30." Jeff Marks: "It looks like we're trying to price in a kind of soft-ish landing." JC: "Here's what you need to know, if the economy is weaker than expected, then the Fed is not going to have to tighten as hard. If the Fed doesn't have to tighten as hard, many stocks are at levels you want to buy." 'Conventional wisdom isn't working JM: "Isn't it interesting, that when rates are going down like it is today, really since it peaked on Oct. 24, the best-performing sectors have really been materials, industrials. Conventional wisdom would have said tech." JC: "That is so important and the reason ... is the mega-cap techs can't be really valued ... because they are being used as a source of funds for everything else. ... Expenses are way too high. ... I would say this: We have too much tech." Costco, Constellation getting nice pops JM: "We have [the consumer] staples working nicely today. Thank you Costco ," which reported strong December sales. "We're also seeing a nice rebound in Constellation Brands ." JC: "You had a downgrade from Cowen [on Constellation]. You don't downgrade stocks just after they're had giant crushing. You should be in there buying it with them," as the CEO hinted at buybacks coming. Rival Alzheimer's drug approval good for Lilly, too JM: "Biogen is getting accelerated approval for that new Alzheimer's drug. [ Eli Lilly CEO] David Ricks says ... confidence in the Alzheimer's class is going to be good for them as well. ... What's good for one is good for the group." Can't be greedy: We need to sell some EL JM: " Estee Lauder , what should we do about it?" JC: "Estee Lauder is up 80 [ponits] from the last comment we gave." JM: "Do you think we're being too greedy?" JC: "Yes I do. ... We need to sell some, Estee Lauder ." (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

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Afternoon update: Soft-landing market rally, Alzheimer's drug approval, time to sell a winner - CNBC
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Afternoon update: Soft-landing market rally, Alzheimer's drug approval, time to sell a winner - CNBC

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