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If Apple (AAPL) - Get Apple Inc. Report and Amazon (AMZN) - Get Amazon.com, Inc. Report led the market during the post Trump election win, why shouldn't they be hinting at some turbulent markets ahead this spring?

There is no definitive answer to that question right now, of course, but the recent movements in the shares of each tech giant of late warrant close attention. Apple and Amazon have fallen 1.8% and 1.2%, respectively, over the last five trading sessions, as investors have become more skeptical on the Trump administration and increasingly worried about geopolitical risk.

To be sure, the market has good reason to start questioning the serious moves higher in tech and many other sectors (just not Tesla (TSLA) - Get Tesla Inc Report ...). 

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For starters, increased geopolitical risk must be priced into global business giants such as Apple and Amazon. How can everything going on right now with China and North Korea not be a reason to be more cautious on Apple, which views China as an important market?

Further, with Trump's tax plan likely stalled into 2018, there goes a central plank to bidding up many multinationals -- a one-time cash repatriation holiday that would unleash mega stock buybacks and dividends.

As for Amazon, the barrage of negative headlines here in the U.S. could begin to weigh on consumer confidence and how tax refunds are spent this spring.

Listen, while the world isn't ending and the stock market will unlikely fall 10% during the next week, it's important to keep track of leaders like Apple and Amazon. A few more sessions like the ones they have been having could be cause for real worry.  

Editor's Pick: Originally published April 12.

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Apple is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

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