TheStreet.com TV Recap: Nasdaq Not Biting on Apple - TheStreet

TheStreet.com TV Recap: Nasdaq Not Biting on Apple

The hot tech company hasn't been able to inspire the tech-heavy index, Cramer observes.
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Despite reporting blowout earnings,

Apple

(AAPL) - Get Report

has been unable to lift the

Nasdaq Composite

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

S&P 500

, 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

Federal Reserve

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

Monster Worldwide

(MNST) - Get Report

is one of them, Cramer said.

But Cramer's been recommending that people buy Monster, because he sees it as "a way out" for

Gannett

(GCI) - Get Report

. 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

(NYT) - Get Report

said that Internet ad spending has been a little slow, Cramer said.

"I would tell you that

Google

(GOOG) - Get Report

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."

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