Trading the New Apple iPhone

Steve Jobs’ unveiling Monday of the new 3G Apple iPhone brought yet another wave of enthusiasm for the company and its consumer-friendly technologies. The announcement won’t do much for the stock, though.

Cramer has been saying all along that Apple shareholders should be selling their positions piecemeal in the run-up to the new iPhone launch. Everything Wall Street could have expected from the new product – lower price point, faster processor – has already been priced in. With no new data points to animate the stock, it’s time to take profits.

Admittedly, “Apple’s been a great trade in a really bad market,” Cramer said. But “we’ve had a very big run. Let’s be sensitive to that.”

Cramer recommended selling three-quarters of an Apple position by market close Monday and letting the rest run.

Research in Motion, a rival in the cell-phone space, still has “a lot of momentum,” Cramer said. If the stock dips below $120, he recommended buying more.

Switching topics, Cramer said he doesn’t see a bottom in the housing market until at least 2009. Homebuilders’ bond ratings continue to breakdown, which is bad news for banks like National City and Washington Mutual .

“There’s more pain ahead,” Cramer said.

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