Cramer: This Market Can Take a Punch

This column originally appeared on Real Money at 3:25 p.m. ET on March 5.

NEW YORK ( Real Money) -- This market is one tough hombre. It lost not one but two bull themes -- China and Apple ( AAPL) -- but it still can't be killed. This is 2012 writ large, where people say, "OK, they don't like copper, then let's buy Kellogg ( K), Prudential ( PRU), McDonald's ( MCD), Kraft ( KFT) and everything else that does well in a deflationary world, which is how people are viewing the Chinese lower growth target.

Meanwhile, Apple's decline is scaring the heck out of everyone as shown by the non-stop Twitter commentary about what's going wrong.

Nothing's wrong.

It's just that this chart of Apple is INSANE! Unless you think it is getting a $600 bid tonight -- and, of course, that's untrue -- there is simply no reason why AAPL SHOULDN'T trade down like this. You are not going to get this stock to just go down a couple without others jumping off as fast as they can. That's how you get such a hammering.

I find the Rydex CurrencyShares Euro Currency ( FXE) hanging in and the transports off their lows to be very significant if only because those are the two indicators, along with the now pathetic iPath Dow Jones UBS Copper ( JJC), that would actually worry me if things were truly teetering.It's just not that bad out -- even though it should be, because the U.S. economy has been knocked back by China, or, so far, by oil.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long AAPL, K and PRU.

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