The news of the week is that the Food & Drug Administration’s advisory panel approved the Pfizer and BioNTech vaccine candidate for an emergency use authorization.
Despite the landmark news, markets remained tentative in the final hours of trading Friday. Jim Cramer said his Action Alerts PLUS charitable portfolio was looking to take some gains Friday during TheStreet‘s daily live show.
“[We] don’t want to get too greedy here,” Cramer said.
“This is a seasonly weak period, but we’re about to get a seasonly strong period because of Christmas,” Cramer added, explaining why AAP was rising some capital.
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Cramer said he expects a series of valleys and peaks in the markets following the expected FDA approval of emergency use authorization for the Pfizer vaccine.
The FDA typically follows the committee’s decision, and it’s expected to roll out the vaccine possibly as soon as next week.
The committee’s recommendation to approve an emergency use authorization for the vaccine passed 17 to 4, with one abstention.
The administration is expected to grant the authorization for emergency use on Saturday, The New York Times reported, citing people familiar with the agency’s planning.
The FDA said Friday it would “rapidly work toward finalization and issuance of an emergency use authorization.”
However, Cramer noted that markets continue to face uncertainty even as a potential vaccine rollout begins.
“It’s an uncertain time…In an uncertain time, you take some profits,” Cramer said.
Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer’s exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.
Daniel Kuhn contributed reporting to this article.
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