Jim Cramer on Tuesday morning explained why the Investing Club is trying to strike a delicate balance with its moves during the stock market fallout from the Iran war. “Those who flee in moments like this can never get back in,” Jim stressed during the Morning Meeting, as Wall Street sold off sharply on the Middle East conflict after a surprisingly tame day for stocks Monday. Oil prices were spiking Tuesday on supply disruption fears, rippling through the equity markets. Despite how Tuesday is shaping up, if there eventually are reports of “fewer drones” in the sky, the market would likely rip higher in response, Jim said. We don’t want to miss a relief rally like that. “Remember, we’re optimists,” Jim said. At the same time, Jim said we’re also not being too aggressive in putting money to work because Iran is a fluid situation and the market is nowhere close to being oversold, as measured by the S & P Short Range Oscillator on Monday night. That’s been Jim’s go-to momentum indicator for decades, and when it flashes oversold, we become more eager buyers. We’re not there yet. Instead, our approach to the market is tactical, looking for opportunities to make purchases when we see them and identifying places to trim. The goal is to keep our cash position relatively constant, offsetting purchases with sales. “We’re not putting new money in. That’s going to come when we’re really oversold. We’re kind of just at the fringes,” Jim said. Cardinal in, BlackRock out Our actions on Monday — initiating a position in Cardinal Health and later trimming our BlackRock stake in half — demonstrate how we’ve shied away from sapping our cash pile. We essentially hit the repeat button Tuesday afternoon, buying more Cardinal Health with money used from exiting BlackRock entirely. CAH .SPX YTD mountain Cardinal Health’s year-to-date stock performance versus the S & P 500. Why we scale in Also Tuesday morning, we bought additional shares of Google parent Alphabet , scaling deeper into the position that we initiated in late December when the stock traded around $313. With Alphabet stock below $300 at the time of our trade alert, we took advantage of the opportunity to lower our cost basis. It’s the fourth time this year that we’ve bought Alphabet. We’ve been intentionally keeping the purchases on the smaller side for moments like Tuesday. That’s our tried-and-true approach to building positions because the market is unpredictable in the short run. With our thesis on Alphabet’s AI leadership still intact, we can view the stock declines opportunistically. Jim said that back in his hedge-fund days, he would’ve been aggressive about buying a lot of a new stock from the get-go, and then “just kick it out of it doesn’t work.” He stressed, “That’s not what we try to do [with the Club]. What we try to do is build solid positions at great prices, and it has worked over and over and over again.” Upgrade a winner Another move we made over the past two sessions was to upgrade Nvidia back to our buy-equivalent 1 rating . The stock has basically been in consolidation mode since the late summer, despite growing evidence that AI spending is going way higher, which should boost Nvidia earnings. It sure has so far, as evidenced last week , with the company reporting a booming quarter and even better forward guidance. We also wanted to upgrade ahead of Nvidia’s annual GTC conference later this month, when the AI chipmaker is expected to announce a flurry of product advancements and partnerships. (Jim Cramer’s Charitable Trust is long NVDA, CAH and GOOGL. 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.