It seems to Jim Cramer these days that with so much negative news surrounding Apple, the stock refuses to plummet. It makes him think that the stock could have a real upside later in the year.
"Have you noticed that they have thrown everything at Apple but the kitchen sink, and the darned thing just won't come down?" the "Mad Money" host asked.
The first blow came with Apple's refusal to unlock iPhones for the FBI, and it gained the attention of Republican presidential candidate Donald Trump, who called for a boycott of the company.
"Hate him or love him, Trump's got more airtime than anyone on Earth, and if he chooses to hammer Apple, it won't be positive for the company's sales," Cramer said.
Second, if Apple did unlock the phones, Cramer would not be surprised if China would want to do the same. China is a big growth market for the company, and it seems natural to him that the Communist party would join Trump in a boycott of Apple's products.
Read more from Mad Money with Jim Cramer
The third issue is that Cramer has seen more channel-check studies with analysts saying that Apple's sales are going to be horrendous and cellphones have peaked. They all try to outdo one another in negativity.
While there could be excess inventory because Apple is about to launch its iPhone 7 in the fall, Cramer has heard reports that Apple will have an event in March with a new iteration of the Apple Watch.
"Perhaps more important than all of this is that Apple's got a buyback of immense proportions," Cramer said.
Cramer thinks it is entirely possible that Apple is buying back stock with the knowledge that the next time it reports will be before the new iPhone 7 is released. He thinks selling the stock now with everyone aware that Apple could have a weak quarter could be counterintuitive.
And at 10 times earnings, maybe the bad news is already baked in to the shares.
"Apple could have some real upside later in the year, which is why I reiterate my view that you want to own this stock, not trade it," Cramer said.