Cramer: ‘I’m throwing up my hands with this group’

Cramer: 'You can't tell what's selling'

Muddled by inconsistent earnings and stock performances, the retail sector appears tougher and tougher to predict, CNBC's Jim Cramer said Wednesday.

Calling himself a "retail enthusiast," Cramer mentioned the missed earnings at Express on Wednesday, and subsequent stock price plunge, and the buzz around newly public luxury clothing retailer Vince, whose stock has soared since its IPO last month, as examples of inconsistency.

"You can't tell what's selling," Cramer said on "Squawk on the Street," adding, "I'm throwing up my hands with this group."

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Cramer said drug stores, such as CVS, Walgreens and Rite Aid, are the only consistent performers in the retail sector.

Cramer also commented on recent headlines about the Volcker Rule—the long-planned ban on certain kinds of speculative trading at investment banks.

He said most bank CEOs expected a tough version of the rule when it is finally approved by regulators.

(Read more: Finally: The Volcker rule going up for a vote)

"Talk to the CEOs," Cramer said. "They all saw it coming. It wasn't tougher than expected for anyone of them. Reporters are so hated by the CEOs that they won't talk to them."

Cramer added he would short well-known banks still involved in trading that would be banned under the rule.

"If you're a bank and you're still doing this stuff, I'm shorting you" against smaller, regional banks such as KeyBank, Cramer said. "Do you think Key does any of this stuff? You know what Key does? They lend."

Disclosure: Cramer's charitable trust owns shares of KeyBank and Morgan Stanley.

— By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street"