Key Words: Jim Cramer: ‘You are out of your mind’ if you have conviction in this stock market

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Markets are ‘hostage to events that are not only totally out of our hands, but I think totally out of the president’s hands.’

That’s how CNBC host Jim Cramer views the recent action in the stock market, which has been vulnerable to each twist and turn of the U.S.-China trade war.

Tweets like this probably aren’t helping:

At last check, the Dow Jones Industrial Average DJIA, +0.44% was up triple digits in afternoon trades after having lost more than 300 points in overnight trading on word that the talks might come to an abrupt end.

“I am describing an unfathomable market, where if you have conviction, you are out of your mind,” Cramer said Thursday. In other words, go ahead and throw everything you thought you knew about the market out the window.

Even though the bulls have the upper hand in light of optimistic headlines, Cramer says there’s still plenty of time for the next report to send stocks lower.

Watch the full segment: