Bobbing for Apple

Time for Apple (AAPL - commentary - Trade Now)? I was hoping for $130 to $133 but I am being too chary, too tight. The stock's hit the $135 not once but twice and it has held and now all of the good news is ahead of it, including the iPhone, the Chinese iPhone and a chance to crack the enterprise with its new built-in Microsoft (MSFT - commentary - Trade Now) software.

I hate pulling the trigger before I wanted to, but I also recognize that the recharging of this market is back and that there may be enough money to go into tech and drugs and health care.

I felt it when Texas Instruments (TXN - commentary - Trade Now) rallied on a benign upgrade. I have heard so many reviews of the new iPhone and it is just too darned good. I also like China Unicom (CHU - commentary - Trade Now) on this one and have been buying it for Action Alerts PLUS.

So I am throwing in the waiting towel and saying we have hit the bottom. Buy Apple -- the stock could go to $140 on options pressure now that it has bounced off of the $135s. I would buy the $140s for 50 cents and change.

That's saying something.

At the time of publication, Cramer was long China Unicom.

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Know What You Own: Other tech names that might interest investors include Google (GOOG - commentary - Trade Now), Cisco (CSCO - commentary - Trade Now) and Research In Motion (RIMM - commentary - Trade Now). For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.

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At the time of publication, Cramer was long China Unicom. Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

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