"I continue to tell you that the stocks at their all-time highs, particularly the soft goods stocks like Procter & Gamble and Kellogg are now acting toppy and are point blank too high."
However, if you dig down Cramer thinks you can also find opportunity. The Mad Money suggests identifying stocks that have not fully participated in the rally but still might.
"Technology and finance as well as the industrials and the oils are so far off their long-term highs and so cheap historically, they can be bought."
But that doesn't mean buy with abandon. Instead, Cramer says make your move during pullbacks or intra-day dips.
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Read More from Mad Money with Jim Cramer
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And that doesn't mean Cramer is bearish – he's not. He just thinks the market may be a little frothy at this moment in time.
Big picture - Cramer remains a strategic buyer.
"Since 1950 there have been only 12 other times when the Dow was up more than 8% in the first quarter," he explained. "10 of the last 12 times the Dow managed to post double digit gains for the year."
"I like those odds," Cramer said.