With the Nasdaq down about 1% Tuesday, it's no surprise to see its largest weighting, Apple Inc. (AAPL) , also down about 1% on the day.
Shares are down about 6% over the past five trading session. Currently near $166, a correction down to $162 would mark a decline of roughly 10% from the highs.
Hardly a day goes by without a report citing a 50% drop in orders or an analyst calling the iPhone "supercycle" a bust, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.
But you know what? CEO Tim Cook never talked about an iPhone supercycle, nor did he ever mention cutting any orders. All of these storylines are being created by outside sources. This noise is what drove shares higher on reports of unprecedented smartphone dominance and it's now what's dragging Apple stock down.
The current story is basically that "this quarter is going to be fine, but the guidance is going to be terrible," Cramer reasoned.
For investors that truly want to own Apple, let the company report earnings on Feb. 1. The potential for a pullback is still there and it will give investors a great opportunity to buy the stock, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.
The conference call will be key, he added, as investors will want to know what the company's outlook is.
So why not wait and see? Even if the pullback doesn't come to fruition, investors will at least get some clarity on what Apple management has to say. Even with the latest pullback, Apple stock is still up a lot, Cramer concluded.
Shares of Apple stock are up about 37% over the past year.
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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.