Apple's stock has nearly reached $200 again after widespread selling, Cramer noted. Shares bottomed at $142 in early January after the iPhone maker preannounced that sales would be weak. The host said the recovery wasn't powered by any news that confirmed sales improved or that the United States has settled trade issues with China.
Cramer reiterated that it's a stock to own, not trade.
"And with today's announcement of a truce with Qualcomm, my biggest worry had been that Apple would be late with 5G. It's no longer an issue," Cramer said.
Shares of Apple rallied 0.1% Tuesday, compared to 23.2% at Qualcomm.
"I smell a downgrade of Apple tomorrow morning," he said.