Cramer's 'own it; don't trade it' stance on Apple paid off this week
Jim Cramer has held the same "own it; don't trade it" trading philosophy on Apple for some time now and this week showed that patience in action, he said Friday.
The payoff came at a crucial time. Cramer has been banging the drum about four main hurdles in the market right now: Wednesday's Fed meeting, Friday's jobs report, the debt ceiling and Apple earnings.
"For the first decade of my forty-odd years in the business, I would dread weeks like this one and I'd do my best to trade out of them — to get flat so to speak," Cramer said. "But over time, I've come to embrace the unknowable, as long as it was on a schedule."
This week, Cramer's patience worked with Apple, he said. The company posted top- and bottom-line beats for the fiscal second quarter, thanks to stronger-than-expected iPhone sales.
"I refuse to be shaken out of the world's best company by one errant component supplier, or a couple of joker-brokers, who say, 'Hey, things have gotten weaker,'" Cramer said. "It was a classic misdirection play and I hope you didn't fall for it."
Source: CNBC
