You're getting crushed if you're an Apple (AAPL) bear -- and expect the crushing to continue, Jim Cramer said in his Wall St. Confidential video on Wednesday.However, still be careful if you're thinking about buying it. At any given time there are stocks that are key to the market, he said, and right now Apple is the key because "it is the most identifiably interesting stock to the market." Cramer said he believes the public can easily overwhelm the bears if they "train their sights on Apple." He called the moment when Main Street gets involved with the valuation of a stock "remarkable" and pointed it out that it doesn't happen very often. "Apple is not innovation, it's brand cachet," Cramer said. "A lot of people who run money don't understand the power of this brand because it is a transcendent brand and we haven't seen a lot of those." When Wall St. Confidential host Aaron Task asked whether Cramer would recommend holding Apple here, Cramer said he sees too much short-term enthusiasm because of Apple's new product. "The risk here is that Apple is on the backs of the short-sellers," he said. "I would sell some of the stock right here." This is a no-rules game and it's very easy to craft a series of very well-grounded lies to get a stock down," Cramer said. "I suspect that will have to happen because the bears have a business to run, too."
The fact that Cingular was able to make a contract with Apple without looking at its iPhone product is "really a remarkable thing," he said. Now if Cingular can develop better service, it could take 60% or maybe 70% of the wireless market share, Cramer said. Its competitor, Verizon ( VZ) needs to make a very aggressive move now, he continued. However, Cramer advised against shorting Verizon, noting the company's balance sheet and dividend. But he said he feels "very strongly that AT&T ( T)
Cingular's parent company is an incredible buy here." The flip side with the Apple story is Research In Motion ( RIMM) and Palm ( PALM), which both "got slammed" Tuesday, Task said. Although people keep talking about RIM buying Palm, Cramer said he frankly is not interested in these stories. "RIM had its day and it didn't go up," he said. Even though he considers RIM a good company, Cramer said he finds this "very worrisome." Palm, on the other hand, is "nothing," he said. "Everything in managing money is time management," Cramer explained. So when people spend an hour on Palm, he feels they're missing out on other opportunities because he does not think of Palm as an "investable situation." In other topics, Cramer said to be wary of the oil stocks.
After being "kept up artificially at the end of the year," oil is finding a new level here, he told Task. In particular, Cramer said he is worried about Chevron ( CVX) because oil futures are telling oil analysts to downgrade stocks in this sector, and Chevron is just begging to get one. In other subjects: When Task brought up Sears ( SHLD) as a name "the bears have hated seemingly forever," Cramer said Eddie Lampert, the company's chairman doesn't tend to preannounce very easily. "Lampert has historically been very downbeat in the actual running of the company and today's the first day he wasn't," he said. After being down 12% in same-store sales for the last few years, Sears is now down 5%, which makes Cramer believe the stock will go to $200 much quicker than he thought. Task asked Cramer at what point he would consider himself being "piggish," to which Cramer replied that he feels "strongly" that Lampert is building the next Berkshire Hathaway ( BRKA). This, he said, requires him to own enough to take advantage of that. "This is one of the few positions in my life that I've ever seen that people are dramatically underestimating," Cramer continued. "At a certain point when it is overwhelming the size of my portfolio I will cut back, but it's not there yet."