TheStreet's Jim Cramer says watch the trading action in the FANG stocks because that's a key signal that will indicate when the market downturn is over. The FANG stocks are Facebook (FB), Amazon (AMZN), Netflix (NFLX) and Google (GOOG), which is now called Alphabet. Cramer said when the high flying FANG stocks are down as much as the average stock, it will be a sign that a lot of the risk has been taken out of the market overall. Cramer said the stocks went higher than anyone thought they could, and they have to pull back. He pointed out a retreat in the stocks would not impact his view on the companies. Cramer said they are great companies, and that Google is inexpensive on 2016 earnings, and Facebook is inexpensive based on 2018 numbers. Cramer is portfolio manager of Action Alerts PLUS.
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