Stop Trading!

This market is on fire and Cramer wants a moment to take it all in. Investors were way too bearish going in and they were wrong, he says. “It’s a remarkable market and people are making billions of dollars.”

Could the market owe some of its good fortune to – get this – housing? Erin brought up that it appeared clear in an interview with the CEO of Owens Corning that he didn’t see things getting worse in the housing market. GMAC also said it sees a much-reduced loss from the residential mortgage unit and it doesn’t think things are going to get worse either.

Cramer has long said it is housing that will force the Fed to cut rates – is he changing his tune now that some of the big players are changing theirs?

Not really. He tells Erin he still thinks the U.S. economy is decelerating and we are the worst performing market other than Japan. That being said, the U.S. has plenty of companies that are fabulous exporters and he thinks there’s still opportunity left there.

And while he’s no fan of retail right now, Cramer has a sweet spot for some of the restaurant names like Buffalo Wild Wings and Chipotle . He’s standing by both these companies – and Chipotle is a multiyear story, he says. “Don’t get off the Chipotle ship.”

Questions? Comments? madmoney@cnbc.com

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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