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For those who were waiting for this snazzy device to be revealed and decided to trade the stock based on the Apple Watch, they were burned. All day the stock climbed in anticipation for the device, and even ran up almost $3.
Then investors found out that there is only an 18-hour battery life before it dies, and the stock started to plummet. Meaning, those who bought Apple stock just for the trade on the watch were playing with fire.
"Trading Apple is a fool's game because of the lack of short-term information that exists about the company, and because the expectations are all over the map," the "Mad Money" host said.
Cramer says that he owns Apple because it's cheaper than the average stock and has fabulous growth statistics, a good balance sheet and a decent dividend. Its earnings-per-share ratio still trades at a discount in comparison to other stocks of the .
"In fact, I like Apple not for the watch but for Apple Pay, something I see retailers fighting but in the end having to give in to because so many people use iPhones," Cramer said.
However, Cramer is not completely against the Apple Watch, considering the potential health benefits that it could have. The watch offers unique apps that could potentially create a personal dashboard of health.
In an age where patients can now get instant feedback on their health without even speaking to a doctor, this watch could play a vital role in measuring the body's key data. It could even send information to flag your doctor when something goes awry. Cramer can see it being used one day to monitor spikes in blood pressure, insulin readings or even strokes.
"What price would you pay for a watch that could save your life?" Cramer asked.
Read more from Mad Money with Jim Cramer
Cramer Remix: All eyes on Apple Watch
Cramer: Best way to protect a declining portfolio
Cramer's game plan: The trick to Apple's ecosystem
The ancient watch that just tells time has been thrown out the window. And while it may be a while before these health benefits and an extended battery life are actualized, Cramer will buy one when they do.
Until then, the "Mad Money" host says to use the new Apple devices strategically. Use each device to capture the momentum of the own, not the trade.