Apple stock went down Monday after Apple CEO Steve Jobs took to the stage to unveil the iCloud, a web-based music streaming service.
The “Mad Money” host said the reaction was typical of the “buy the rumor, sell the fact” mentality.
“There are just people who are just eager to get out of anything," Cramer said. "We are in a very bearish phase.”
So where’s this stock going?
Cramer believes this one is just marking time. ”I just don’t think it does anything in a very negative tech tape, one of the worst I’ve ever seen.”
In other market news, fresh on the heels of LinkedIn’s initial public offering splash, another online company said it will wait to go public. And Cramer disagrees with its timing.
Gilt Groupe’sCEO Kevin Ryan told CNBCthat while the e-commerce company will announce its IPO at some point, he believes it will not be for another one to three years.
Cramer said he’s a big fan of Gilt and Ryan, who he calls “a real business person.” While he respects Ryan’s decision to wait to go public, he thinks the time is now.
“I’m a strike while the iron is hot guy,” Cramer remarked.
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