On Wall Street sentiment can be everything. Absolutely everything.
Cramer thinks that's especially true in the case of Apple.
Shares surged above $700 back in the fall of 2012, only to later side significantly, trading around $450 in July 2013.
Bulls argue that Apple should be considered a growth stock, with the entire emerging world potentially Apple customers. They also argue that Apple looks inexpensive when compared to peers. Google trades for 20 times trailing profits while Microsoft trades at 18. Apple trades at 10.
But right now, Cramer doesn't think that matters. Instead, he believes sentiment will determine Apple's share price.
"And sentiment is that they don't have it, anymore," Cramer explained. That is, Wall Street doesn't think Apple has the imagination, the excitement, or the new product glow, that it once had under Steve Jobs, Cramer said.