Hey, it's Kramer, and this is my morning take on the market from today's CNBC Investing Club morning meeting.

With the biggest week of the year for earnings, now I don't want to go too crazy year because all that really matters is that we have a Fed meeting and we have the employment number.

So those are going to be the prism that people look through Amazon and Apple,

except for Apple got distorted today by an upgrade by someone who historically has been incredibly wrong.

Well, why don't we just jump right to that upgrade?

So it was Bernstein, their lead analyst Tony Sakinegi, upgrades to Apple.

Which out the stock is derated. He's kind of with the idea that buy it when it

trades at 25 times earn it, trim it when it trades at 30 times earnings. He makes a call to Buffett

and saying that he does the same. I don't know if Buffett really is a big seller.

Maybe he, you know, trims around the edges every once in a while. I've dealt with Tony for a very long time.

And he's been really probably one of the worst analysts on it. Now, you know, there are two components to be an analysis.

Good lesson. There's actually the cerebral notion about what the company's going to earn, and then there's the decision of what direction the stock's going to go on what the earnings are. Tony's been spot on on everything when it comes to how the company's doing, except for how to pick a stock. That's something he's not good at. So what you would do, let's say you were at hedge fund, you would say good, he'll have all the good information, but he will not be able to

give you the direction. Here he gives you the direction today, and I wish he'd stay away from that. It would have been a very good call had he just said it's a little de-risk. Because he went positive on it and everybody feels he must know something, which he does not, believe me. It's jacked it up to a point where if you were a trader you probably sell some.

So it sounds like there's a little bit of art and science. in which he does not, believe me. It's jacked it up to a point where if you were a trader,

you'd probably sell some. So it sounds like there's a little bit of art and science when it comes to these analyst ratings, right? The science part being how much the company is going to earn, the modeling, but the art is actually how the market will react to those numbers. Yeah, and that's why, I mean, I hate, if he tailored to his work on IBM, it's spotless, but he did not catch it.

He didn't catch it because that's not what he does,

which is why, I mean, I hate, if he take a little of his work on IBM, it's spotless, but he did not catch it.

He didn't catch it because that's not what he does, which is why it's such a shame that he went on a limb and did this ahead of the quarter. And it made no sense. All he had to do was say, look, this is what I feel, and people think that maybe it's de-risk, because 25 times earnings is not. I mean, think about it.

If it actually goes up and it gets

to his level where he doesn't like it, he's going to have to downgrade it. Start your day with my

outlook on the market every morning. Visit cbc.com slash morning take to become a CNBC investing club

member at a special rate today.

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