Cramer says ‘I think there’s a technical rebound coming,’ but warns it may be short-lived

Jim Cramer on CNBC’s Halftime Report.

Scott Mlyn | CNBC

CNBC’s Jim Cramer said Friday the coronavirus-slammed stock market is due for bounce because there has been so much selling in recent weeks.

“I think there’s a technical rebound coming,” Cramer said on “Squawk Box.” “I don’t know how long it will last because I think people are very worried.”

Cramer later said on “Squawk on the Street” that the stock market is “the most oversold we’ve ever been.”

Dow futures were pointing to about a 200-point gain at Friday’s open on Wall Street. If gains were to hold by the close, the Dow Jones Industrial Average would log its first back-to-back advances since Feb. 5-6, one week before its Feb. 12 record high.

Thursday’s volatility saw the Dow off 720 points, or 3%, before closing nearly 200 points, or 0.95%, higher. Heading into Friday, the Dow — down over 13% for the week — was tracking for its worst weekly loss since the 2008 financial crisis. Despite Thursday’s gain, the Dow was still 32% below last month’s record highs.

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