Cramer on Top Searched Stocks: Wal-Mart

Cramer gave his latest take on the iPhone maker in another post on his RealMoney blog Tuesday:

"We've been where we are right now for leadership. In much of the 1990s, it was Cisco (CSCO Quote), Intel (INTC Quote) and Microsoft (MSFT Quote), with an occasional help/hurt from Oracle (ORCL Quote) and a 'maybe significant' from Nortel (NT Quote) or Qualcomm (QCOM Quote).

Now it's Apple (AAPL Quote), Research In Motion (RIMM Quote), Google (GOOG Quote) and MasterCard (MA Quote), the last not tech but somehow represents a kind of financial tech that people get behind endlessly. Periodically we key off of Hewlett-Packard (HPQ Quote) and IBM (IBM Quote), but if you only use one stock to know which way the wind blows, it's Apple.

First, I want to say that you shouldn't mind this narrow-minded focus. Whole bull markets have been powered by narrow-thinking portfolio managers just following the herd and then taking their cue from it to buy other stocks.

Apple's an event stock, not an earnings stock, which means you can keep buying it until the event. You can't justify buying Apple at all on earnings. It's entirely product introduction and shortage-based. RIMM's one, too. Again, hard to fathom. The animal spirits demonstrated for both yesterday confounded those of us who do homework because these were all telegraphs. The iPhone's in short supply and loved. The new BlackBerry is good, did anyone think or hear otherwise?

I have advised owning calls on these stocks, deep-in-the-moneys out several months, trading around them with common on spikes because they can be fickle.

Yesterday was a good day to sell the spike. But any pullback, particularly on Apple, must be bought because the iPhone reiteration will most likely be the tech product of the year.

Once it's out, though, the fervor will cool, and then it might be on to the next stock, at least for a while."

For more opinions on Tuesday's top searched stocks, including Circuit City (CC Quote) and Blockbuster (BBI Quote), check out Cramer's Take on Top 10 Most-Searched Stocks From May 13.

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Jim Cramer writes about all the stock trades in his charitable trust for TheStreet.com in Action Alerts Plus. Recent stocks he's traded in this account include Schering-Plough(SPG Quote), Yamana Gold(AUY Quote) and Inverness Medical(IMA Quote).