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NEW YORK ( TheStreet) -- The market loves gadgets, especially shiny ones, Jim Cramer said on Mad Money Tuesday, speaking about -- what else? -- Apple ( AAPL) , a stock he owns for his charitable trust, Action Alerts PLUS.
Cramer said Apple's stock initially popped on Apple's latest round of product announcements, getting pulled down only by the chatter surrounding the Federal Reserve that took all stocks lower by day's end. But regardless of the today's stock price, Cramer said Apple is a stock that shouldn't be traded, it should just be owned for the long term.
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Cramer thinks Apple Pay, Apple's new secure payment system will be a big winner given that MasterCard (MA) , Visa (VISA) and American Express (AXP) along with countless other merchants are already on board.
Cramer was also excited about the Apple Watch, which may only appeal to some initially but will likely garner a broader appeal with subsequent generations. The Apple Watch's big draw will be its fitness tracking capabilities, he said, which will draw in the younger generation.
Apple is a serial innovator and is the most innovative company of our time, and possibly of all time, Cramer concluded.
Off the Charts
With the upcoming Alibaba initial public offering, the biggest IPO in history, Cramer went "Off The Charts" with colleague Ed Ponsi to figure out which Internet stocks portfolio managers are likely to sell in order to make room for this record-setting newcomer, and when will be a good time to snap them up into that weakness.
Ponsi noted that Facebook has just completed a classic cup-and-handle formation and hasn't looked back. He thinks the stock still has more upside, but as the pressure builds from Alibaba he'd be a buyer at $72 a share. That was the stock's March high and is currently where its 50-day moving average is, making that level an excellent floor of support.
Ponsi then looked at Google's Class A shares, noting this stock should be bought as it approaches its uptrend line, currently $570 a share, or $22 less than where the stock is trading today.
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Finally, there's Apple. Ponsi said that $97 a share is Apple's key level to watch and he'd be a buyer at that level because it represents both the stock's uptrend line and its 50-day moving average.