Market is so ugly that you just want to get out now. I cant endorse that here. Up. 20 . Id be lying if i told you i feel great about this market. Especially, the forecast. Ever going to get those. Lets start with what i think is the real elephant in the room. Lets talk about the bond market. At its power bleeds into the stock market every day, and has been a bleeding in a bad way. How does it do that . When the government sells bills, notes, and bonds to pay for the deficit it weighs on everything. Considering the gigantic sideshow that could hurt your portfolio. You got to use 44 billion, sevenyear bond auction thats tomorrow. On top of todays 70 billion dollar five year note auction. Especially, on top of the 69 billion sale. Talk about cash is rook. Its gotten so compelling to so many people. But, they want to buy some of these bonds. Which means they often need to sell stock in order to swap out of that and into the bond market. You need a lot of ponders to come in, and by these bonds. And for many that means the cashier stops in order to be able to buy the bonds. I know that are riskfree. And if you think that will eventually cut rates this year. The two year was an interesting paper about 5 . I bought some yesterday. Remember i cant buy stocks. Two year ago to. But, how about this fiveyear note . That was todays business. Or, the seven year yield. Similar tomorrow. Sorry. To me they are not real value. I want to hire you going out further. Others will too. And if thats the case then buying yields will have to move higher. Price of bonds lower to bring in more buyers. The impact on the bond market, and then the stock market would be immediate. In a world where longterm bond use keeps climbing stocks will head down. Like they always do. Even blowing up after too much supply all at once from the government, and not inflation. Its not because of a lack of demand by buyers. We had three big declines this year. Short term paper. So, it separates out the years and does it that way. But, each auction has its own character. I wonder how many people tomorrow want to log in at almost 4. 7 rate for seven years. Thing i do know is i cant gauge that. We have a total wildcard. A total wildcard, and the bond market. Bonds mean to go up in price. I think were going to get the opposite of that. Which brings me to the second reason why cash is rook. There are plenty of stock people who only believe thats the only thing that matters is earnings. Earnings truly matter more than anything else. If earnings are greater than stocks will go up. A bunch of stocks have done well putting good numbers. Last night. Inventory sometimes worked off. There have been for the auto industry. That set up the other order related ship makers. Okay, i get that. Tesla stocks fit the whole year in with. However, when elon musk told a good story about cheap electric vehicles, and robo taxes people went nuts. In the stock shot up 12 . He did pull of berber real out of the head. Musk is way to pitching these things. But, these winners feel like they are oneoff to me. I dont know about you. Theres no doubt in my mind if we get a sloppy treasury auction tomorrow so stocks will give up those games. I know that matters quarter were strong, but the guy was sweet. It could be an opportunity if he gets hit two. Even though its about my basis. I feel more bullish if the market were what we call oversold. But, my gauge will use is called the s p oscillators for market edge. Its really oversold at 1. 66. 5 means theres too much selling pressure. We are nowhere near that. We dont have that situation. That means. Cash would be king if we were over. We can be that negative with the market. Hence why cash is still rook. Lets talk about matter. Thats all you want to be talking about tomorrow. I need a preview. Sizable sales commander earnings beat healthy advertising. However, eviscerated in afterhours. Sell, sell, sell. Because people didnt want the guidance medicine quarter revenue was a little light. Going to be much higher than expected. I think these investments, but its not what wall street was in this environment. Its a skittish environment. You can. Musk is a showman. He was very convincing as robotech service would be like airbnb. You can stand them. I like this elevator now. At one point they were professional all better operators. Told him what floor they want to go on, and they were stop there. Then we decided to let anybody push the buttons that need to change. But, even if there were some winners today there are also plenty of copies of stocks that looks like theyre going great guns. Let me give you an example. Boeing. The stock opened up. I was there. We asked dave calhoun some questions. And yeah. There are mixed emotions. Stock opened at 176. That was more than seven bucks he had yesterdays close. Despite that the uarter was truly nothing to write home about. And no real sense. In a good market boeing stock would build on that advance. In a bad market appear lets come and go straight down. The letter is exactly what happened. I needed to get ahead of the people who were buying when boeing openhearted. They didnt care who bought it, and they thought picked off. They are no natural sellers. I see stocks like that all over the place. Real landmines everywhere you look. Take new corp. Which we had on last night. Told a good story about how this company miss the quarter. He will be able to straighten it out fairly soon. But, he said the next quarter will be even weaker. Too many buyers agreed with me. Nucor stock opened at 175. But, then like boeing the stock. Waited and felt 172. The quarter was truly disappointing. Only a treacherous market has that kind of action, and i dont like treacherous markets. Finally, we had our monthly Investment Club meeting at noon today. And as much as i want to think that i like all the stocks. I found myself hedging so many stocks that it was quite chilling. When you own more than 30 stocks only recommend a half dozen stocks to buy at this very moment. Thats the oldest and that cash is rook. Its not king. There are so stocks worth buying here. Of cash working youd be selling, and selling. So, let me give you the bottom line. Weve been in this sellout for over a month. I still think that the dicier time than most investors seem to believe. Thats okay. We have. I hope you have some too. Cash may not be king right now, but it certainly isnt upon either. Im going to go to austin, and massachusetts. Austin. With mcdonalds coming in at 300 starting the year, and now its around 270. What can we see coming in like that . Okay, terrific. We know chipotle had good numbers, but i have to tell you i think mcdonalds offerings are too expensive. They raise the prices too much, and it got to cut the price. And nobody wants to have to cut the price. But, to me the stock is singling they need to cut. Theyve got to bring them down. Lets go to arthur. Hey, jim. How are you . Im good arthur. How are you . Im great. I just want to say thank you, man. Ive been following you for the last 23 years. And i will tell you you are on point with so much. Ive made a lot of money, and i lost money because i didnt listen to you. Arthur, youre very kind. All i want to do is have a good cause outweigh the bad calls. Lets go to work. Okay, listen. I bought moderna at 369, and its killing my portfolio. Ive been holding onto it for a while. I said, its going to come back a little. And its not coming back. Then it goes up, it goes down. What should i do with this . I need to take the loss, because its a big loss. I know, and we should never wear care about where stock came from. Moderna has pecial technology. I dont want to lose the stock here, but they announced a collaboration this morning with an open ai. I thought the stock was up again, but it went right back down. There are sellers everywhere. You have to wait until they invent the personal vaccines that they promised when they started. And im talking about. But, thank you for your kind words. All right. Cash may not be king right here, but it is and upon either. Oing down. Thats what the stock of noticed it today with earnings. Our investments getting a viable typically elevator maker . Not the ceo. I think you want to know what hes saying. Earlier today we convened our monthly meeting for the cvc investing club members, and we had so many incredible questions that we saved some of them for the night. You dont want to miss it. So, stay with cramer. Dont miss a second of mad money. Follow jimcramer on x. Send jim an email to mad money at cnbc. Com. Or, give us a call at 1800743 cnbc. Missed something . Head to mad money. Cnbc. Com. You need clem. Clem needs benefits. Work with principal so we can help you with a plan thats right for him. You know what im saying . Let our expertise round out yours. When i was your age, we never had anything like this. You knowhat . Wifi . Saying . Wifi that works all over the house, even the basement. The basement. So i can finally throw that party. And invite shannon barnes. Dream do come true. Xfinity gives you reliable wifi with walltowall coverage on all your devices, even when everyone is online. Maybe well even get married one day. I wonder what i will be doing . Probably still living here with mom and dad. Fast reliable speeds right where you need them. Thats walltowall wifi with xfinity. If youve ever grilled, you know you can count on propane to make everything great. But did you know propane also Powers School buses that produce lower emissions that lead to higher test scores . Or that propane can cut your energy costs at home . It powers big jobs and small ones too. From hospitals to hospitality, people rely on propanean Energy Source thats affordable, plentiful, and environmentally friendly for everyone. Get the facts at propane. Com now. Heres a question. What do we o with the stock of voters worldwide . The leading makers of elevators and escalators. This morning reported before the bell, and the numbers were mixed. Elyse came in a bit better than expected. But, the stock got hit though. Down more than 50 . I think its because we had some cautionary comments about china. Maybe where the company lowered its four year monfils outlook. But, it really isnt all that bad. Or, do we need to be more worried about china or north america for that matter . Lets check in with judy marsh. You get a better sense of the quarter, and what comes next. Hi, jim. Great to be with you again. Okay, well i have to tell you i am a huge student of what you report. And you deliver what you say are going to deliver. And i think this time because you did that it wasnt enough. Maybe youve just beaten the numbers too often for people to not expect something really huge from you each time. Well, thanks jim. Its not about beating numbers for us. Its about executing our operational strategy, and really this quarter delivering for our customers. Top lineup. 6 1 2 from our Service Business. Drove about 50 million of profit. 80 basis points of Margin Expansion over already Strong Quarter last year. Which drove eps up 10 to . 88. Just as importantly deliver for our shareholders, and thats our capital. Our capital strategy. Brought back 300 million shares in the First Quarter. Increased our outlook for the year now to 1 billion. As well as last night we raised our dividend almost 15 . Which has doubled our dividend since we spun. So, really pleased with the results. Performance by the team. Theres only been a few dividend boosts that were bigger than yours. How do you go about choosing that number . Because thats hefty, youve already done what i think. Obviously, its very important to you too. Yeah, its very important. We try to target about a 40 ratio. Which we think is about the right place, and we grow past that is earnings continue to grow. We driven earnings ever since we spun, and were going to continue to do that. Thats why we raised our guide, and we increase the low end of our eps outlook from the year. Its now from 383 two 390. Obviously, as a Service Business growth through the year we will continue to visit them. We are starting to see many different grades of steel come down in price. Obviously, your costs are going in the right direction. They are. It steals 80 of our commodities. We blocked an 80 of our steel for the year. The biggest place that helps us is primarily in china as well as north america. And weve been taking advantage of that, and offsetting any other labor costs. Any other challenges in the market. But, we are getting priced. So, were going to exercise everything we can to reduce costs to drive productivity as well as getting price on new equipment. There was a critical moment in the conference call. Which i think was actually a false negative. Where there was an analyst. Was begging you kind of to call trough in china. You know china in two different ways. You know it in the elevator business, but you also know the country. I thought that your answer was correctly circumspect, because there are major issues in china that you dont really have to do with elevators. Right . Yeah. So, the china market is this 10 million of the 22 million elevators in the world are installed in china, and need service there. Right now we are experiencing, and it is year three of confidence. Liquidity challenges with the developers, and consumer confidence. So, im not going to prematurely call a trough. Will we see that part of the business turnaround on the equipment side, on the building side. But, i can tell you having been in china just last month there is still urbanization going on. There is still construction going on, and there is even more Service Repair and modernization. China to us has become more of a Service Business. As you said it before its all about service and safety. People dont seem to understand. Ive been in the business i have to worry about the service of safety. There is no skimping on safety, and thats in any country. It doesnt matter how poor the country is. The way your government loses its standing as if you dont care about safety. Yeah, you have to care about people. We are in a regulated industry. It has been since the safety break was invented by our founder, and because of that people trust us, and 2. 3 billion people a day use our equipment jim. And theres 22 elevators in the world today. Its a great opportunity. Again, Needs Technology refresh for the aging elevators. We call that modernization. It needs replenishment there. That market is going to grow at least high Single Digits everywhere in the world. Lets talk about orders. Its only fair. You had a doubledigit decline in the americas, and high teas decline in china. Do i have to worry about the americas . No. Americas for us was a compare. We had a great large infrastructure winds and karen canada. We saw in this quarter, the second half of last year construction slowed down a little bit. But, we saw it slow down less this quarter. Its not growing yet, but its turning in terms of new equipment construction. We started the year, and e said is going to be a down year. Its playing out exactly how we thought. But, we had to call out that the units are going to be down. Were not worried about north america. Weve got a great new product we are shipping now. It covers 80 of the market. So, were looking for america to have some strong, and Americas Team 15 off in revenue this quarter. So, weve got backlog. Whether its new equipment or repair. Our teams are dedicated, and they are serving their customers. One last question. Senator blinking is over in china. I said, i dont know what they have to talk about, because you obviously play hardball and everything. Other things that are discussed in china that are about business, and getting things done . That are not contentious . When i was at the China Development from last month it really was about Economic Development far, and direct investment. And how can they create an environment where American Companies can do business . Elevators are not national security. They are here to move people safely throughout the world. Including in china, and we are going to be celebrating 40 years in china this fall. Its an important business to us. We are proud of our team over there, and were going to continue to pivot more, and more into service and modernization. Our motto orders, and fills her up judge will dig it. Our sales for the quarter clobbering. The business looks good. The year is playing out as we thought. We did a little better on eps, and we floated through. This was modernization. Which is just so important. I want to thank judy marks. By the way, for giving us something thats positive. In a day were all i hear about is that we never do anything good with china. Thank you so much, judy. Great to see you. Coming up. Do the charts tell the tale of a selloff to come . Dont be aware. Be prepared. Stick with cramer. This weeks finally been able to find its footing with the brutal selloff that got rolling in midmarch. I wonder if its for real. Or, if there take a little breather before the beating continues. In moments like this we have to consult the technicals, because they can tell you a great deal about the dynamics of the decline. With the help of the legendary Larry Williams. Hes been the best in the business since i was still going through puberty. Larrys rate more than a dozen books. Hes my go to guy, and hes got amazing track record. For us he called of 2022 turned out to be the game changer for the market. He predicted the next major league higher last fall. Shoved into the wood trimmer, and put the pieces. Possibly through late may. So, now that we have started getting used to the playing what comes next . He looks at the general path of security for several years. Then he had to devise patterns that repeat themselves over time. You say theres no way this method can pick. At least very. But, in practice it surprisingly reliable. Check out the daily chart of the nasdaq. With larrys cycle forecast in red. This is the picture he showed us in early march. Get this. His work showed that the nasdaq would likely peach. Then you had to get out. Like out of dodge. Big time. Because this was going to be an extended period of weakness. Had a little bounce like yesterday. What does larrys cycle forecast they now . Take a look. Going by the cycle forecast the patterning he expects to see lower prices for the nasdaq into may. Lg. Thats why larry says not to take this weeks rally too seriously. That something i agree with. After listening to our rather plaintive investing club meeting this afternoon. I think you say jim is really on the team as larry. I did not look at his stuff until i did my stuff. He recommends waiting to buy until we get to that zone of historical safety. And im coming around to his view. Back on march 5th larry showed us this chart of the s p in black. Again, he was looking for a peek. December