Jim Cramer: Apple Isn't the Be-All and End-All of the Markets

 | Apr 20, 2018 | 10:58 AM EDT
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Yeah, Apple (AAPL) . What can you do? This is a market that is vulnerable to Apple and its suppliers. It is vulnerable to a potential boycott in China because the PRC knows that Apple is an American icon and even though Apple manufactures in China, this trade war is different. It's for keeps.

The issue for me, though, is when will people realize that Apple isn't the be-all and end-all of the markets. It hasn't even reported yet and as long-time Apple bull Katy Huberty, from Morgan Stanley, gets the word out about a "shortfall" it won't be a short fall and the stock can begin the reflect the service revenue and the tax return and the realities of China whatever they may be.

I know, for example, that long-time GE (GE)  JP Morgan bear Steve Tusa saw nothing to like in this one-term great industrial, but I thought that it was a legitimate upside surprise. GE and Honeywell (HON) both had amazing aerospace numbers. Schlumberger's (SLB) outlook, like Nucor's (NUE) last night? Fantastic.

Sure the consumer product stories are dreadful, Philip Morris (PM) and Procter (PG) really dreadful. But all in all, a neutral, not negative, stance is reasonable. Remember, though, Fridays are tough because of Chinese retaliation in what's become a hot trade war as the US fights back after years of taking it on the chin.

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