tony dwyer with us of canaccord genuity. vidual stocks, just to upset tony. it is apple computer. i bring this up, there is always an excuse to sell any given blue-chip well researched fundamental story. what level of excuses right now? is it normal, or can we climb? tony: if i told you, going back to the market thing, if i told you that they market would be up 85% in a straight line and then correct 20%, what would you say? that's normal, that's ok. guess what happened. when you look at the nasdaq and the emerging economy. tom: how do we get back to earnings and cash flow? tony: you always want to buy weakness. this is not a comment on apple. was i got wrong last year not the slowdown in earnings. we have not changed our estimate of 5% growth since we came out with it last summer. we have always expected you would see this slow down because of fiscal stimulus backing off and fed policy being pretty aggressive. when i got wrong was the valuation side of it. i thought everybody else would see that and be ok with it but estimat

good to see you, tony dwyer, canaccord. >> thanks. >> do you believe where what tony is saying >> i do. i'm not sure where trade fits into it. i don't know if the charts allow for that or if -- to me it's the biggest question. >> in order to see the markets have a gain, we need to see the trade issue resolved in some way? >> yes, yes. >> what was different about the market to me from october than the market that had a lot of volatility from february through october was that credit fell apart in october we saw high-yield fall apart dramatically and what we've seen over the last couple days is really the kind of a rally you've seen in credit but especially high yield that tells you things are different than the market priced it i would argue we had serious dynamics, there was serious liquidity. energy and retail is still open for question but the recovery in credit is the healthiest part of the market recovery. >> hard to be a strategist these days in this kind of market. >> uh-huh. that's why i'm not -- that's why it's hard for me to spell strategist which is why i don't have it on my b

. >> our friend tony dwyer comes on the show and he said after a crash like that you get a reflex rallyhink the s&p has limited upside here over the next month. i think you sell it. >> i'm shocked >> i don't know. >> how do you feel about maga. >> stay in your lane, bro. >> that does it for us see you back here tomorrow at 5:00 don't go anywhere. "mad money" with jim cramer coming up next >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to a very special san francisco edition of "mad money" welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or