Cramer interpreted the strength of this group as meaning that more people would rather invest in their current home than to purchase a new one because of scarcity of value, higher rents and better job growth.
"I don't think this theme will be knocked off kilter by the first rate hike. That said, I don't think it could survive a second rate hike in rapid succession," Cramer said.
Travel and leisure were also on the list, but only the bargain names like Priceline, Expedia and Royal Caribbean. There were no hotels, airlines or restaurants on the list except for Chipotle. Cramer wondered if either investors don't believe that oil will stay down or that the non-bargain names have become too competitive and lost their luster.
Next up were the information technology outsourcing firms, like Accenture, Cognizant and Equifax. Cramers thinks the strength showed that many money managers want to have tech in their portfolio, but are hiding in these IT outsourcing blocks because they are so afraid of actual technology. Some of it is related to the strong dollar, and some is related to the recent pullback of Apple.
Athletic apparel was also a huge strength on the list. Cramer thinks there must be something going on here, because Nike and Under Armour keep showing up on the list. It's almost as if consumers are only willing to pay up for fitness, which would link to known millennial behavior.
Finally, there are the cats and dogs of the group that Cramer referred to as "special situations" because they defy traditional rubrics. These are stocks like Snap-On, Advanced Auto Parts and Netflix. They are all buy, buy, buys.
So while it was slim pickings on the new-high list last week, a dedicated investor can certainly find a few opportunities still out there.
"Given that these stocks are all winners if and when we get a rate hike, they make plenty of sense, even on a countertrend day like this one," Cramer said.