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Cramer: This Stock Still Presents Opportunity

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In a stock market that seems to be advancing almost every day, it's hard to find opportunity. Hard, but not impossible. Not if you're Jim Cramer.

The Mad Money host thinks the best way to invest is to identify long term themes with tremendous staying power. If the rally endures those stocks should continue to advance and in the event of a sell-off, Cramer believes they will be among the first to attract new money.

And, as Cramer has said many times, a theme that he believes will be investable for a long time to come is the renaissance underway in housing with Weyerhaeuser among Cramer's favorite ways to trade the trend.

Adam Jeffery | CNBC

"About 75% of Weyerhaeuser's business has exposure to housing," Cramer said, with the company among the largest owners of US timberland. "This is very much a North America play with most of their timber coming from the United States and Canada," Cramer added.

Because new signs suggest the domestic economy is getting stronger every day, Cramer believes Weyerhaeuser is in the sweet spot. And he said earnings confirm the thesis.

In April, Weyerhaeuser reported a first-quarter net profit that more than tripled due to the housing rebound and management said it expected higher volumes for all its wood products for the current quarter.

"The company delivered a 3-cent earnings beat on a 23-cent basis, and its revenues came in higher than expected, up 30.6% year over year," Cramer said. "More important, Weyerhaeuser's management generally tends to give conservative guidance, but this time they were unrepentantly positive."

That Cramer believes is reason enough to own shares. However, Cramer sees another positive.

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Weyerhaeuser raised its quarterly dividend by 18 percent to 20 cents per share earlier this month giving the stock a 2.6% dividend yield. And, "it's also one of the biggest pulp and paper companies in the world, with a small home building business of its own to boot," he said.

Given all those catalysts Cramer sees every reason for the stock to advance. "It's basically flat since CEO Dan Fulton last appeared on Mad Money back on January 25th. I think that's a little ridiculous," Cramer said. "The quarter was too fabulous for that."

Disclosure: On May 8, 2013 Jim Cramer owned WY on behalf of his charitable trust.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

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