CNBC's Jim Cramer said Wednesday he thinks the so-called FAANG stocks look attractive at current levels. Cramer said on "Halftime Report" the bond market is the key indicator informing his view on that group of mega-cap tech names, which consists of Facebook , Amazon , Apple , Netflix and Google-parent Alphabet . "If the bonds are telling the truth, which they often do, the cheapest stocks in this market are FAANG," the "Mad Money" host said. "And I think FAANG is back." A rapid rise in bond yields earlier this year helped spur a rotation out of technology stocks and put pressure on the tech-heavy Nasdaq Composite. On multiple occasions in March, the benchmark 10-year yield was firmly above 1.7% after beginning the year below 1%. On May 12, the 10-year yield closed at 1.7%, which was its highest point in more than a month . However, it has retreated from those levels in recent days, trading around 1.557% Wednesday afternoon. With the 10-year yield at its current levels, Cramer said the Nasdaq overall should be higher. The tech-heavy index entered Wednesday's session around 3.4% below its record closing high on April 26. Cramer holds a generally optimistic view on the market right now, saying Tuesday on "Mad Money" that he sees a "stampede" of bullish catalysts to push up equity prices.
