celebrities market commentator Jim Cramer is said to have warned investors on Wednesday that the market is in a consolidation phase and is currently shedding “weak investors”.

“I think we’re having a … period of consolidation where we’re getting rid of the weak investors. And we certainly wash out those who got carried away and committed personal fouls, like buying bitcoin above $20,000 or fooling around in meme stocks,” Cramer said. according to to a CNBC report.

Also read: The best S&P 500 ETFs

The market digested a flurry of data releases on Wednesday. Major Wall Street indices ended over 1.2% lower, weighed down by renewed recession fears as US retail sales fell the most in 12 months – down 1.1% in December vs. expectations for a 0. 8th %. At the same time, the US producer price index also fell more-than-expected, falling 0.5% mom.

This is the SPDR S&P 500 ETF Trust SPY closed 1.58% lower during the Invesco QQQ Trust Series 1 QQQ 1.3% lost.

“Right now the market is working on one of the most overbought conditions we’ve had in ages. In the last two weeks we have simply recovered too far and too quickly. It’s not all terrible,” Cramer said.

Merits: The expert also highlighted history microsoft corp MSFT 10,000 employees laid off However, it was found that other industries have shown much greater resilience.

“Large parts of the economy are holding up well. The problem is engineering, as I’ve been telling you for months,” Cramer said. “The bears – they will be in full force tomorrow,” he warned briefly.

Continue reading: As the FOMC meeting approaches, here’s what various Fed officials think about the pace of the rate hike

photo by Tulane Public Relations via Wikimedia Commons