Despite reporting blowout earnings,
has been unable to lift the
because tech is not in bull market mode, Jim Cramer said on TheStreet.com TV's Wall Street Confidential
Web video Thursday.
"I regard Apple very much as a fashion show stock, meaning that it is a trend stock and not necessarily linked to PC users," he told Gregg Greenberg, the host of Wall Street Confidential.
Cramer said he has seen this type of "stagnation" in the Nasdaq in the past after it's had big moves. The overall market, Cramer said, is doing exactly what it would do in a "roaring" bull market, "which is not be down 150 points." The
, said Cramer, is a "source of gravity" here, as well as "a source of propulsion."
"One of the things the bulls have to hope for is that the
recognizes that anything that is more than 70% domestic has done quite poorly this quarter," he continued. "That's the cutoff." Cramer was referring to companies that get the majority of their business from the U.S.
The companies that have not participated in this rally are domestic, and
is one of them, Cramer said.
But Cramer's been recommending that people buy Monster, because he sees it as "a way out" for
. If Gannett acquires Monster, then it has the possibility of moving away from its decelerating newspaper business and into the more promising online-job business.
It is true that Monster and the
New York Times
said that Internet ad spending has been a little slow, Cramer said.
"I would tell you that
is the winner on any one of these declines," he said. "The reason why it's bad for everyone else is that Google offers more value."
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click
here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click
here to order his book, "Real Money: Sane Investing in an Insane World," click
here to get his second book, "You Got Screwed!" and click
here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by
TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.