Many of the FAANG stocks have pulled back 5% or more since peaking in late July, but Jim Cramer says it's OK to buy some here -- just as long as you don't "load up" on them.

"If you just own FAANG names, well, that's not very diversified, is it? You are liable to be down on one or all very fast, and then you'll be thinking, 'What the heck am I doing with all these high flyers?'" Cramer said during an exclusive call with members of his Action Alerts PLUS club for investors.

Cramer owns all of the FAANGs except Netflix (NFLX - Get Report) in his charitable trust, but sold part of those positions in June to lock in some profits.

"I felt that we had such big gains [and] the market was so unforgiving that even though they were relatively cheap, they had too much 'hair' on them," Cramer said. "There were enough things that were wrong that I felt we could [lose] some of those gains."

Some of the problems that he sees for the FAANGs:

Facebook

Cramer said that Facebook (FB - Get Report) has "become so cheap [relative to] its growth rate that it can be bought down here."

He said the company "is on fire right now," primarily because its Instagram unit is so popular with young people. But he added that that's precisely what makes Facebook "too big a target" when problems like the Cambridge Analytica customer-data scandal hit.

Amazon

The stockpicker said that while he likes Amazon (AMZN - Get Report) , any big S&P 500 selloff could take the stock down because the online-shopping giant is such a large part of that index.

"Amazon is big-capitalization stock and a large-dollar-amount stock," Cramer said. "Together, I fear that there might be too much 'S&P 500 pull' to the stock."

Apple

Cramer said that Apple (AAPL - Get Report) "couldn't cut a break from President Trump" until recently because the president doesn't like the fact that the tech giant makes so many of its products in China.

And while the White House recently announced plans to exempt Chinese-built cell phones, laptops and many other products that Apple makes from looming tariffs, Cramer said the reprieve could just be temporary.

"In football parlance ... the stock has a bad hamstring that needs to be reevaluated daily before the doctors can give their blessing for it to get back on the field," he said.

Watch All of Jim's Video-Conference Call

Cramer's video-conference call was only available to members of Cramer's Action Alerts PLUS club for investors, but you can sign up for a free 14-day trial membership and listen to a full replay.

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  • A complete rundown of all of stocks that Cramer holds his charitable trust;
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