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It is Fashion Week in New York City right now, and Jim Cramer thinks this is a good time to celebrate the hottest trends currently on the Wall Street "red carpet."
The hottest style right now is the cybersecurity stocks. And Cramer thinks this makes sense, ever since the CEO of Target lost his job because of a data breach.
Another stock that Cramer has loved for a long time in the cybersecurity space is Palo Alto Networks. He was convinced it was finished back in October but thanks to one data breach after another since then, he thinks it still had legs to run.
He was even surprised to see that Cisco is getting into the cyber space as well. As the internet of things is growing at a rapid pace in the U.S., Cisco has taken the time to embed cybersecurity into its digitization process. Now that's called thinking ahead!
"How can these stocks keep running? Wrong question. I say, why not? I've never seen a group with more an in-your-face unmet need on a daily basis," said the "Mad Money" host.
While these stocks might be expensive, Cramer thinks that's just what an investor has to pay for to get a good quality piece of merchandise. At least until insider selling begins, and they stop soaring.
Another fashion trend right now, is medical devices. Edwards Lifesciences, Boston Scientific and Medtronic all shot the lights out with their last quarter. Cramer also anticipates Becton Dickinson will be a great stock to own in the next year due to its purchase of CareFusion.
"Given the incredible expansion of medical care under President Obama, it's hard for these companies not to do well, " he said.
Additionally, domestic retail is on fire right now and the "Mad Money" host anticipates that it will keep burning. He has his eyes on TJX, Ross Stores, Nordstrom, Home Depot, Bed Bath & Beyond, Big Lots and Costco. And while analysts are backing away from these stocks as weaker oil plays, Cramer is standing his ground on them and thinks they will keep rallying.
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"Now I'm not saying that all of these companies represent bargains. Fashion is, per se, not a bargain. Some of the cybersecurity stocks in particular are ridiculously overvalued. But right now it just doesn't seem to matter," said Cramer.
Booyah! It is time to ride the fashion trends all the way to the bank, Cramerica.