Chartists may think Agnico-Eagle Mines is a buy, but Cramer said it's time to take profits, especially now that the gold digger is up 86% since his Oct. 30 call. The stock's just too expensive at these prices given that deflation, and not inflation, is what's driving the market right now.

A look at the chart below shows how strong gold's been performing since Nov. 20. Compared to the S&P 500, which has risen only 10% between its bottom then and now, the Market Vectors Gold Miners exchange-traded fund is up 84%. Money managers have taken notice of "the action," and they're looking for ways to get in on it. Hence, the focus on Agnico-Eagle .

Technical analysts say that AEM's chart is just as attractive as GDX's. The stock held firm after hitting its 200-day moving average – a term for how close a particular name keeps to its upward path without falling too far beneath it – and whatever selling took place at that point was counterbalanced by eager buying. Then last week AEM broke out of its trading range on a high-volume rally, which was further confirmation for technicians that this stock can be owned (high volume equals legitimate, rather than fleeting, interest). The chartists like AEM all the way down to $44.

Cramer, on the other hand, needs more than Agnico-Eagle's sudden popularity to recommend the company. Favorite stock in the sector or not, and AEM is his top pick, there's no fundamental reason for hiding in gold, a traditional hedge against market chaos and inflation. If anything, it's deflation that's the problem, with virtually every other asset losing value. And while you could definitely call this market chaotic, investors who buy now will be doing so at too high a price. Think about it: AEM is trading at 80 times earnings.

If you own Agnico-Eagle, cash out. If you missed the trade, don't bother trying to catch up. Just wait for a pullback – down to under $44, actually, Cramer said. The technicians' sell price is his recommended entry point. Only then does AEM make sense as a defensive play against market volatility.

Questions for Cramer?

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