- CNBC’s Jim Cramer has been drumming around four major hurdles in the market right now — and one of them was Apple’s earnings report.
- “For the first decade of my 40 years in the business, I dreaded weeks like this, and would do everything I could to shake them off,” Cramer said.
He said on Friday that Jim Cramer has held the same “own it; don’t trade it” trading philosophy at Apple for some time now and this week has shown that patience works.
The payoff came at a critical time. Cramer has been drumming around four major market hurdles right now: Wednesday’s Fed meeting, Friday’s jobs report, the debt ceiling, and Apple’s earnings.
“For the first decade of my 40 years in the business,” said Cramer, “I dreaded weeks like this, and would do anything I could to shake them off—to lay off, so to speak.” “But over time, I’ve come to accept the unknowable, as long as it’s on my schedule.”
He said Kramer’s patience paid off this week with Apple. The company posted its highest and lowest earnings for the fiscal second quarter, thanks to better-than-expected iPhone sales.
“I refuse to be ripped off the best company in the world by a wayward component supplier, or a couple of buffoonish middlemen, who say, ‘Hey, things just got sloppy,’” Cramer said. “It was a misguided classic that I hope you don’t fall for.”
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