With Facebook stock up 56% on the year, Cramer's concern seem justified. However, it's worth pointing out that Facebook is "only" up 18% over the past six months and 6.3% over the past three months.
The quarter is likely to be very good, he said of the social media giant's upcoming earnings report on Wednesday November 1. Facebook has become a "great advertising vehicle" and as we saw from another FANG stock, Alphabet (GOOGL) - Get Report , online advertising is doing well, he pointed out.
It's worth noting that the other two FANG components -- Amazon.com, Inc. (AMZN) - Get Report and Netflix, Inc. (NFLX) - Get Report -- are both higher after reporting strong earnings this quarter. Can all four push higher post-earnings?
All the news about Russia is causing a stir, with Facebook, Alphabet and Twitter (TWTR) - Get Reportheading to Capitol Hill to testify. Don't worry about that "sideshow" right now, Cramer said, it's about the earnings.
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Facebook's Instagram is "doing incredibly well" and there are little doubts heading into the results, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.
But sometimes the stock can see selling pressure, even when the results are strong. That's especially true when the selling window opens up for insiders, as employees look to put some cash in their pockets.
If that happens and Facebook stock comes in, that's a buying opportunity, Cramer reasoned. Not unlike what he said about Mastercard (MA) - Get Report early Tuesday, as it and Visa (V) - Get Report stock have been juggernauts this year. Don't chase Facebook into the quarter. "Like Apple (AAPL) - Get Report , if you don't own it, you should wait," he concluded.
Shares of Facebook closed at $180.06, up 0.11%.
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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, GOOGL and AAPL.