Jim Cramer Sees Little Conviction Behind Tuesday’s S&P 500 Advance

The S&P 500 advanced Tuesday, Oct. 27, as optimism about chipmakers supported the index, but Jim Cramer said oil prices and bond yields continued to sway market sentiment.

Cramer said the rally lacked the conviction he wants to see. He described rising crude prices and bond yields as rainy conditions for stocks, while calmer moves can encourage buying.

“We want to be in a market that’s controlled by conviction. And I don’t see a lot of conviction today,” Cramer said during a Tuesday morning meeting.

Lower oil prices may lead some investors to look for buying opportunities, Cramer said, but he wants to see multiple reasons to buy. His remarks followed an earlier warning about mixed signals on inflation, interest rates and the war with Iran.