Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. The S & P 500 and Nasdaq resumed their winning ways Wednesday — just barely — one day after modest declines ended eight straight sessions of gains. Jim Cramer said, “This, to me, is a rational market” — companies that report bad numbers like Macy’s go down and companies with good quarters like Club name TJX Companies go up. At the same time, we’re still facing an overbought market with a bias to trim as our discipline mandates. This week, we exited Estee Lauder and trimmed Morgan Stanley and Abbott Laboratories . The Club’s cash position is now just above 9%. That’s a bit higher than our usual 7% to 8% range. But it gives us greater flexibility to put money to work if the market were to drop during the notoriously tricky month of September. Jim on Wednesday highlighted continued strength in shares of Facebook and Instagram parent Meta Platforms . “Meta is flying,” he said. The stock has gained more than 50% this year. “They are an Nvidia house,” Jim said, which allows Meta to drive “a lot of AI in a successful way.” Jim also likes Meta’s next-generation connected Rayban sunglasses, which have been flying off the shelves . (Jim Cramer’s Charitable Trust is long MS, META, TJX, AMZN, COST. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.