Cramer: Stocks are cursed & it's all Apple's fault

Market all about 'Eve': Cramer

As the averages plummeted yet again on Thursday, Jim Cramer heard a lot of theories floating around on what could explain the vicious decline.

Was it the Fed? Interest rates? Soft macro data? Miss Scarlet in the kitchen with a lead pipe?

"I think that this market is all about Eve. Yeah, the original Eve who was tricked by the serpent into eating the forbidden Apple from the tree and the whole investor class has now been paying a price," the "Mad Money" host said.

Investors were enticed to bite into the forbidden fruit and bought Apple stock ahead of earnings on Monday. As a result, Cramer now sees that the entire stock market is paying the price, and the pain will not end until Apple bottoms.

That means when Apple bottoms, we bottom.

Why is Apple so important?

Going back to basics, investors buy stocks because they want them to report good numbers on both the top and bottom line. When the numbers are better than expected, that will trigger analysts to guide estimates higher for the stock.

And if the company throws in a juicy dividend on top of fabulous numbers, that's even better! Not to mention if it sells at a dramatic discount to the average stock in the .

So what the heck happened to Apple? It did all of these things, yet the stock has dropped almost 4 percent in a straight line.

Westend61 | zerocreatives | Getty Images

So basically, if Apple can't go higher, then the entire rationale to buying stocks has been flipped on its head.

And in Cramer's perspective, that means we should have faith in nothing. Not stocks that benefit from a strong dollar, and not stocks that do well in low or high interest rate environments. Nada.

"Ever since we swallowed the Apple, the whole race of stocks seems cursed," Cramer said.

If the market doesn't care about the fundamentals of the biggest and most important company out there—then that is bad news.

Granted, there are additional facts that can power stocks right now, such as the strong jobless claims report on Thursday morning. But at this point, all of that data is just subject to interpretation considering that Apple's positive earnings have somehow been skewed into negative news. So, what we think is good news, ready to power stocks higher, no longer applies.

Cramer can only imagine that a few possibilities will get the market back on track: The first is if oil stops going up every day and takes a breather. Second, is if there is seller fatigue and investors realize that things aren't really that bad. Third, is if a new leader emerges on the market such as banks, REITS or utilities.

Read more from Mad Money with Jim Cramer
Cramer Remix: My call on Salesforce
Cramer: Chipotle delivery? Postmates can!
Cramer: Huge forces crushing stocks now

The last possibility that could pull the market back up is if beaten Apple can rise up from the ground.

"Oddly enough, though, I think that's the most likely scenario. I think Apple should be bought here," Cramer added.

Cramer did say last week that he anticipated Apple to go down for three days after it reported, and then would try to find footing. Could this be a good time to jump in and do some buying for your portfolio? It's certainly a good time to buy a high-quality company with strong fundamentals, like Apple, regardless of whether stocks are cursed.

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine

Questions, comments, suggestions for the "Mad Money" website?