every weekday the cnbc investing club with jim cramer holds a morning meeting livestream at 1020 am et heres a recap of fridays key moments wait to put cash to work watch oil stocks buy el stz  pg 1 wait to put cash to work equities continued to slide friday morning on the back of stillhigh inflation and hawkish rhetoric from the us federal reserve around future interest rate hikes stocks came under pressure from a stronger us dollar  with the s  p 500 down around 1 in midmorning trading meanwhile the s  p 500 short range oscillator clocked in at 293 as of thursdays close meaning the market is close to being oversold that should create a potential buying opportunity in the near term but were waiting to put our cash to work until prices come down further 2 watch oil stocks oil prices came under pressure friday with west texas intermediate crude the us oil benchmark down more than 3 at 7636 a barrel putting downward pressure on all of our energy holdings devon energy dvn which reported a disappointing fourth quarter on tuesday has seen shares tumble by around 16 this week amid investor frustration over its lower fixedplusvariable dividend and guidance for high capital expenditures and softer production this year as a result were downgrading our ratings on pioneer natural resources pxd and coterra energy ctra ahead of their earnings reports next week on expectations for similar results and plan to stay on the sidelines of oil for now 3 buy el stz pg citi on friday initiated coverage on club holdings estee lauder el constellation brands stz and procter  gamble pg sending shares of each higher citi analysts said they see the greatest potential upside for the stocks given their ability to whether shortterm economic headwinds while offering longterm growth opportunities we agree with the firms assessment and hold these highquality names because they can effectively navigate a tough macroeconomic environment through their pricing power resilient demand and strong brand presence we reiterate a 1 rating on each holding jim cramers charitable trust is long pxd ctra el dvn stz  pg 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 trusts 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