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Cramer's 'Mad Money' Recap: Gaming the Russell Rebalancing

On , Cramer said, he advised people to sell Apple into the launch of its iPhone product because expectations have gotten too high for the product.

Second, it is a possibility that the iPhone is not the next great thing, he added. Also, people should keep in mind what happened when the product was first introduced. On the day it was unveiled and the day after, Apple plummeted, Cramer said.

Therefore, why not declare victory on at least some of your position? he asked. Cramer recommended schnitzeling some and buying it back after the launch and after Apple inevitably goes down.

Meanwhile, he suggested not selling Dell (DELL - Get Report) or Sears (SHLD - Get Report), which he owns for his charitable trust, Action Alerts PLUS .

Even though Sears had a horrible quarter and isn't executing or even buying stock back to create a cushion, Cramer said he's giving the benefit of the doubt to Eddie Lampert.

"I'm not happy with it, but I'm not worried about it either," he said about Sears.

In his "Mad Mail" segment, Cramer told a viewer that Halliburton (HAL), which he owns for his charitable trust, is going down because it is levered to domestic drilling and natural gas, which people are "suspicious" of.

"To me it should be bought because it's so darn cheap," Cramer said, adding that he likes it on a valuation basis.

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