Ahead of Tuesday's closely watched Apple (AAPL) event, TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer said Apple is a stock to own, not trade.

"But the traders are out in full force and I like to be against the traders," Cramer said.

Rumors about the coming iPhone 8 have been trickling out practically ever since Apple released its predecessor, the iPhone 7, last September.

Thanks to relentless leaking, nearly all of the iPhone 8's expected features have already been divined. The 10th anniversary edition will likely represent a major form-factor change from the iPhone 7, featuring an edge-to-edge organic LED screen for the first time, along with a dual-lens camera, facial recognition technology, wireless charging and a stainless steel case. It'll probably cost more than $1,000.

That's in addition to the belief that Apple will release two other models -- which could be called the iPhone 7 and the iPhone 7S Plus -- that will have minor upgrades compared to prior iterations, but should still feature things like wireless charging, higher-quality cameras and faster processors.

Separate from the iPhone, Apple is expected to drop an Apple Watch Series 3 that comes with 4G connectivity, enabling it to make phone calls, stream music and send messages without relying on the iPhone. A new Apple TV is also likely, with support for 4K TVs and high dynamic range content, which would put the device on par with other set top and streaming boxes from the likes of Alphabet, Amazon and Roku.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer and the AAP team buy or sell AAPL? Learn more now.

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