NEW YORK (TheStreet) -- Apple (AAPL) - Get Report shares have been on a rocky ride for weeks. After tumbling more than 15% from its highs, the stock up over 2% on Monday. 

As TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, has said about Apple, you own it, you don't trade it. Apple is an AAP holding.

During CNBC's "Mad Dash" segment Cramer noted Apple stock appears to have bottomed at the same time it was downgraded by analysts at Bank of America/Merrill Lynch. Many critics have said iPhone sales will be hurt by the slowdown in China. But analysts at Bernstein expect iPhones sales to increase in 2016, and Cramer's own research has found China is still good for Apple. 

Apple AAPL data by YCharts

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Cramer said investors are being too quick to write off the Apple Watch. He disagreed with those who are portraying the device as a dud, saying they have not given the product enough time. After all, some thought the iPod, iPhone and iPad were duds at first, too. Now look at what they've become. 

If Apple can have a solid rally, look for chip suppliers Qorvo (QRVO) - Get Report, Skyworks Solutions (SWKS) - Get Report, Avago Technologies (AVGO) - Get Report and NXP Semiconductors (NXPI) - Get Report to go higher as well, he concluded. 

At the time of publication, Cramer's Action Alerts PLUS had a long position in AAPL.