During Thursday night's Mad Money program, Jim Cramer was bullish on steel stocks and plastics like Westlake Chemical Partners (WLKP) . Let's check out the charts of this manufacturer of petrochemicals, plastics and building products.
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Avoid the beauty contest of price momentum that has arguably led to relatively large extremes of overvaluation today.
Many stocks with nosebleed valuations shot higher in response to Fed policy becoming more hawkish, while many quality cheaper names sold off.
The Fed backs off on claims that inflation is transitory and sets the stage for future rate hikes.