- CNBC’s Jim Cramer was talking about four key hurdles in the market right now — and one of them was Apple’s earnings report.
- “In the first decade of my forty-plus years in business, I would dread weeks like this and do my best to avoid them,” Cramer said.
Jim Cramer has had the same “own it, don’t trade it” trading philosophy at Apple for some time and this week has shown that patience in action, he said on Friday.
The payout came at a crucial time. Cramer has been beating the drum about four major hurdles in the market right now: Wednesday’s Fed meeting, Friday’s jobs report, the debt ceiling and Apple’s earnings.
“In the first decade of my forty-plus years in the business, I would dread weeks like this and do my best to trade them — kind of go flat,” Cramer said. “But over time I embraced the unknowable as long as it was on a schedule.”
Cramer’s patience worked at Apple this week, he said. The company posted both revenue and earnings growth in the fiscal second quarter thanks to stronger-than-expected iPhone sales.
“I refuse to be shaken up by a misguided component supplier or a bunch of jesters from the world’s best company saying, ‘Hey, things have gotten weaker,'” Cramer said. “It was a classic game of deception and I hope you didn’t fall for it.”
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