Cramer says something is missing in Tuesday's market rally and he's not eager to jump in

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 Tuesday's key moments. 1. The S & P 500 is higher Tuesday, driven by optimism around chipmakers such as Broadcom , which worked with major banks on a $63 billion deal to finance AI chip purchases for Anthropic. Though the market is holding up, Jim Cramer cautioned against getting too excited given the market's continued sensitivity to fluctuations in bond yields and oil prices. He likened those two variables to the weather, with higher crude and bond yields being like a rainy day, and tame moves representing a sunnier day that encourages buying. "We don't want to be in a market that's controlled by the weather," Jim said. "We want to be in a market that's controlled by conviction. And I don't see a lot of conviction today." While oil being lower might encourage some people to scout for buy opportunities, Jim instead preached patience. "What I want people to understand is we're not going to play that game. We are going to wait until it's actually many reasons to buy. " 2. Meta's secondary stock offering to fund its AI buildout was upsized to $25 billion from $22.5 billion, in a good sign of demand for its equity. However, Jim said that Meta's plans to sell $60 billion worth of stock at market prices beginning next year will remain an overhang on shares. Jim said the problem with these "at the money" offerings is that companies outsource the execution to brokers who usually execute them in ham-fisted manners, without always caring about how the stock is performing in a given day. With that new supply consistently coming into the market, Jim said stocks tend to trade "heavy," limiting the upside. He alluded to the fact that Alphabet's stock hasn't done well since the company announced a big stock sale, which included an at-the-market component, in early June. 3. Boeing's shares tumbled nearly 10% after delivering third-quarter earnings before the bell. The planemaker posted a revenue beat and exceeded free cash flow estimates, but revealed a bigger loss per share than expected. The stock's sell-off intensified as Boeing's earnings call got underway and management reset investor expectations for cash flow growth in the coming years. While Boeing's call didn't begin until after Tuesday's Morning Meeting ended, Jim correctly predicted that Wall Street estimates will need to come down. "There are people, unfortunately, who have a very high number for next year. They're going to have to cut their number," Jim said. The upshot, Jim said, is that this likely represents a "clearing event today" and the weakness will represent a buying opportunity once the dust settles. Keep an eye on your inboxes later Tuesday for a full analysis on the quarter. 4. Stocks covered in Tuesday's rapid fire at the end of the video were: Coca-Cola, UPS , and Corning . (Jim Cramer's Charitable Trust is long AVGO, META, and BA. 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.