Oil's plunge, coupled with a nosedive in U.S. stock futures and bond yields trading near the 0.3% level, represents "unchartered waters" and signals an "imminent recession," according to CNBC's Jim Cramer.
Cramer Says Move Down 'Unprecedented'
Cramer took to Twitter at 4:15 a.m. Monday morning and said the collapse in oil prices and the 10-year Treasury yield is "unprecedented" and exceeds the "chaos" seen from 2007 to 2009.
The trading algorithms were active all night long and operated as if "trillions of dollars were trading," he said.
Cramer Expects Oil Stocks To Lose 25%
Cramer followed up 15 minutes later and said it is "truly astounding" how oil can plunge so far and so fast.
The average U.S.-traded oil stock could open lower by 25%, while the average S&P 500 stock could fall 10%, the CNBC host said, adding that gold, utilities and drugs remain the lone groups in a bull market.
Cramer: 'Wait And See'
At 4:36 a.m., Cramer said he expects to see ex-oil stocks down 5% to 7% across the world.
He isn't sure that investors should buy on a 7% decline. The time to buy stocks is not now, and investors should "wait and see," he said.
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