With earnings expected Thursday after the close, what should investors do?
However, that doesn't mean he doesn't like Amazon. Cramer said he likes it and so does his family.
But with the stock up so much, it's tough to buy at these levels. Even excluding the rally from the February lows, shares are still up more than 36% over the past 12 months. While that rally may not seem surprising for a stock like Amazon, it's worth noting that it now trades with a $390 billion market cap, he added.
Amazon has the largest addressable market in retail and it doesn't look like it will stop taking over the world anytime soon, Cramer saidd.
But investors might as well wait to see the company's results. If, for some reason, Amazon disappoints or the stock embarks on a decline, they will get a better buying opportunity in this excellent company, he concluded.
Analysts expect Amazon to earn 80 cents per share on $32.69 billion.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.