this is an unbelievably divided mpc. we seek further clarity. who is it that has decided that we don't need any more from here? are they the same people, as you suggest? could be a possibly. we find ourselves with a lack of clarity that the market is struggling to price, and as a result of which, i think the instinct is to look at the economic numbers the bank is projecting and say if those are the numbers, the bank is going to find it really hard to hike into a recession. jonathan: awesome to catch up with you, as always. looking forward to the show a little bit later. guy johnson picking things up later, taking you into the close , and on bloomberg radio a little bit later as well. the issue for a lot of people today is how transparent the bank of england is being here. the dynamic is tough. upside risk to inflation, downside risk to growth. ultimately at the same time, you've got a governor that can't really offer you a consensus because there isn't one. howdy reflect the consensus when there isn't a consensus answer? tom: is there a consensu

that there will be time for that i'm sure butvalero makes an all-time high every day and psx and mpc, we talked about that name in the paul with paul sankey when it was a $60 stock. clearly oil didn't get the memo about fighting inflation and i think it continues to go higher from here. >> there are three ways to make money in the oil sector. one is the waiting in the s&p 500 will grow. i'll mention it every time in if i need to. in this environment, when you have the fundamentals so good it will double back to the 20-year average. but then what companies are doing, conicooco phillips, theye called best two-way player so their exposed to the higher commodity and they'll return 10% back to the shareholders and they grew the capex 8% which starts to get you worried if it is old school. it is not what is going on the sector has totally different capital discipline that is what mike referred to, they're buying back shares, that is the third leg of the stool. royal dutch is buying back a ton of stock and i think they're well positioned in terms of capital discipline. >> and marathon mpc ra

>> paul sankey is a stud i'm staying on the paul sankey trip, mpc. >> dan >> everything is better with linda. and i like that take two quarter and i think the stock is down enough good balance sheet i think it is relatively cheap >> all right anthks >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to cramerica i'm trying to make you money my job is not just to entertain you but to educate you you know what, i have been thinking all weekend, this is a market that deserves to be

>> paul sankey is a stud i'm staying on the paul sankey trip, mpc. >> dan >> everything is better with linda. and i like that take two quarter and i think the stock is down enough good balance sheet i think it is relatively cheap >> all right anthks >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to cramerica i'm trying to make you money my job is not just to entertain you but to educate you you know what, i have been thinking all weekend, this is a market that deserves to be hated. it has virtually nothing going for it except misery and an occasional desire to give misery company. sadly, the indices are a complete and total reflection of everything that's really happening in the world today that's why even though we're oversold here, even though we can put on meager rallies that look terrific at the time, we can't seem to escape the jaws of the bear that includes today. the dow advanced 27

we could see more action for the mpc meeting at the end of the year. it could happen in the coming months. kathleen: what does it mean for the rest of asia? if china's economy is growing and they start building, manufacturing, it helps a lot of their neighbors. how big of a signal is this for them? >> a good signal. if china starts easing there lockdown, [indiscernible] they will alter policy but it will be targeted and gradual. so if the chinese economy improves it could be good for the rest of asia. the other market we like is singapore. partly because of the dividend [indiscernible] economy in singapore and economy elsewhere reopen. haidi: we talk a lot about capitulation in the markets and you see signs of it in equities and broader as it classes like crypto. to you what is stockmarket capitulation and does it signature there is a bottom when it comes to sentiment and fear? >> that is tough. to me from a valuation perspective, i would want to see the ms ci trade on a forward price differential [indiscernible] we are one standard deviation below tar

new high list is not much on the new high list, but it's largely oil stocks, refiners like marathon, mpc hitting new highs. one loan defensive name, merck, on the high list the important thing is where mega cap tech is, opened lower and moving lower still that's what you want to watch. people keep asking where a bottom is. i say the simple thing to watch here is growth stocks, and the simple way to watch that is to watch the s&p growth sector. the etf there, ivw is that we hit a new 52-week low on thursday and as you can see here, there's no real buying interest right now. there's no new increase in shares outstanding so in terms of flow, in terms of technicals, it's not there and still not there right now. two things that have been moving markets, three things really the ukraine conflict, but that's not a big story at the moment. first is the risk of recession and second is the covid lockdowns inchina. how extraordinary it is. goldman sachs, blankfine over the weekend saying a very high risk factor for the u.s. into a recession, but david kostin, the equity strategist, says our new base

rate, but it depends how the economy evolves, frankly, and so the one thing i can always say about the mpc is there will be another meeting. and i say that quite seriously because we will have to come back in about six weeks�* time and reassess all the evidence again. and, because the situation is so unprecedented, that reassessment is particularly important because we are seeing things that have not been seen before. this seems to be a situation with stagflation happening this year. we are stagflation happening this year. - are at a very difficult moment and i've used this analogy before. we are walking a very narrow path between, on the one side, inflation which of course is far higher than it should be and you want it to be. an the other side, because we are being hit by very big external shocks which are causing, largely causing inflation, they are so big they are causing a real loss of income to people and businesses in the country, the balancing of those two things, the big increase of inflation, and the big — what we expected to be, unfortunately — hit to real income. is very