NEW YORK (TheStreet) -- Apple (AAPL) - Get Report shares are up nearly 2% Wednesday after Piper Jaffray's Gene Munster said resale values for the iPhone 6 and 6 Plus are stronger than they were for the iPhone 5S and 5C during similar time frames following launch. 

"This is still a phone story, it's not a watch story," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment of Apple, an AAP holding.

Apple AAPL data by YCharts

Image placeholder title

While Cramer, who owns one, said the Apple Watch is fascinating, it's not what's driving the stock higher. He said the upgrade cycle for iPhones remains robus and demand remains strong. That's what is driving the stock, he concluded.

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