Cramer's 'Mad Money' Recap: Stock Picker's Market (Update 3)
(Story updated to add Cramer's comments on the picks of callers in his "Am I Diversified?" segment.)
NEW YORK ( TheStreet) --It's still not to late to take some money off the table.
That was Jim Cramer's takeaway for his "Mad Money" TV show viewers Wednesday. He told investors to forget about how the major averages are fairing and instead focus on individual stocks, some of which are doing well while others are imploding.
Cramer said that in the markets of old, stocks tended to trade together, but not in today's market. In today's market, companies like Cypress Semiconductor (CY) , a Cramer favorite, announced seriously disappointing earnings, while rivals like Qualcomm (QCOM) and Broadcom (BRCM) , a stock which Cramer owns for his charitable trust, Action Alerts PLUS were both up sharply.
In the telco equipment space, shares of Ciena (CIEN) rallied while rival Cisco (CSCO) saw its shares slide south. The oil service sector was also mixed, with Ensco (ESV) , another Action Alerts PLUS name, heading higher and Baker Hughes (BHI) heading lower.
Cramer said this pattern is repeating in sector after sector. The price of oil was up, but oil stocks were down. Gold was up, gold stocks were down. Apparel maker Lululemon Athletica (LULU) rallied, while Deckers Outdoor (DECK) , a sector favorite, was down sharply.
Cramer said with all this volatility in everything from the rails to the drugs to the industrials, investors need to lighten up on their winners and swap out of their losers. He said all of the major risk factors, including Greece, Iran and China, are still in play.
"It's getting difficult to trade Apple," Cramer told viewers on the heels of the company's big iPad announcement earlier today. He said the better strategy, "invest in Apple."
Cramer said that many pundits are weighing in on whether Apple (AAPL) , an Action Alerts PLUS name, is worth owning after the stocks' big run ahead of the announcement. Traditionally, Apple shares have run up ahead of new products, only to sell of afterwards. But Cramer said he's done trying to trade Apple, he'd just rather own it for the long haul.
Will consumers buy the new iPad in droves? Absolutely, said Cramer. Moreover, the device is making major in-roads in the corporate world as Research In Motion 's (RIMM) Blackberry is riding off into the sunset.
Cramer also cited a recent USA Today article noting that older iPads are being handed down to family members as newer models are released. He said this is the same pattern that the iPod followed, as kids introduced the new, hot devices to their parents.