Every weekday the CNBC Investing Club with Jim Cramer releases the Homestretch audio feature in time for the last hour of trading on Wall Street. Here’s today’s edition. Market moves: There has still been no relief in the Nasdaq Composite after earnings Tuesday came in below high expectations. The “Significant Six” stocks are leading the index down. But profit-taking and consolidation are healthy actions. Outside of those top tech names, Jim said he would “seriously look at AMD again” since the chipmaker has “got a lot of things going.” Fed meeting: The Federal Reserve’s FOMC statement was released at 2 ET on Wednesday with the U.S. central bank leaving rates unchanged, as expected. The market did not respond very favorably to the decision initially. The S & P 500 is off about 1%, but it’s likely there will be more movement before the end of the trading day. “We want a Fed that’s predictable” Jim Cramer said Wednesday. Since Fed Chair Powell started, “he wanted us to look at the data, if the data is too hot, he’ll leave rates up and if its not hot he might cut,” Jim explained. Trade alert: We trimmed our position in GE Healthcare after shares of the medical equipment maker rallied. We still believe in the company in the long term but the trade was simply a hedge against the weaker Chinese economy. When the company reported last quarter, it had positive revenue and order growth in China. But we’re seeing some weakness from peers and are taking a more cautious approach. “I would be against putting more money in this if it broke down from here,” Jim said. (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…
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