CNBC’s Jim Cramer reminded investors on Tuesday that the new year won’t bring a new economy.
“The fundamentals are important, and unfortunately we haven’t turned the page in this economy — only the calendar,” he said.
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Shares fell on Tuesday at the start of the year as rising interest rates and persistent inflation continued to worry investors.
Recession-resistant stocks like healthcare and consumer goods are working, he said. Shares of companies with significant business in China are also performing well as the country is poised to continue its economic recovery, he added.
Cramer warned that while it’s too early to bet that mega-cap tech stocks will make a comeback, he still believes investors who own Apple stock should not sell them.
He predicted the company could issue a “violent” preliminary statement before it releases first-quarter financial results later this month.
“However, I believe Apple’s problems are supply side, not demand side. It’s going to be a tough time to own this stock, but Apple is such a high-quality company… I stick to my usual attitude: own it, don’t trade it,” he said.
Disclaimer: Cramer’s Charitable Trust owns Apple shares.