Jim Cramer's Stop Trading! Wait on Apple

Apple (AAPL Quote) is a great company, but Jim Cramer said he needs to know more about the pricing of the new iPhone before he'd buy the stock up 7% Tuesday.

Cramer said on CNBC's "Stop Trading!" segment that Steve Jobs' tech juggernaut remains one of his top growth stock picks. But he said reports that an 8-gigabyte iPhone will cost $599 with a two-year Cingular contract tell him he "needs to know more" before buying Apple on the heels of Tuesday's $6.11 gain to $91.58.

Cramer says a look at inventory data, courtesy of value investor Bob Olstein, shows that investors would be wise to buy Nike (NKE Quote) and American Eagle (AEOS Quote) while selling K-Swiss (KSWS Quote) and Abercrombie (ANF Quote).

Nike had a "great quarter" and American Eagle "has the mojo," Cramer said, adding that Olstein is "money in the bank" with his superior retail research.

Cramer said anyone still invested in Latin America after Venezuelan President Hugo Chavez set plans to nationalize the energy and telecom sectors is "a pig." He said he would have to do his homework before taking a chance on Nordson (NDSN Quote), despite its great record of raising its dividend.

As for this afternoon's big earnings report out of what Canadians call the aluminium sector, "We can wait for Alcoa (AA Quote)," Cramer said.