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While tensions from North Korea appear to have eased, a threat from Amazon still hangs over the market, CNBC's Jim Cramer said Tuesday.
U.S. stocks were higher Tuesday as investors breathed a sigh of relief after North Korean leader Kim Jong Un said he would wait for further action from the U.S. before making a decision surrounding a missile strike on Guam.
"That takes away for the moment the existential threat but not the Amazon threat," Cramer said on "Squawk on the Street. " "Amazon is just looming over everything."
Jeff Bezos' Amazon has been making large investments and has disrupted several key industry areas, from its web services platform to its consumer-oriented online interface. Investors have arguably started taking notice after Amazon made its bid for Whole Foods and subsequent deals after that.
Cramer said some on Wall Street are shorting retail as a whole on the bet that Amazon will continue to dominate the space even after a less-than-spectacular quarter.
The SPDR S&P Retail exchange-traded fund (XRT) was down 2 percent Tuesday but 12 percent lower over the past six months.
"These guys do not pick out individual retailers and say, 'I'm going to short that.' They short the group," Cramer said. "They say, 'Amazon is almost back to a [$1,000 stock price] after a mediocre quarter. That's what I want to be in.'"
Cramer also was amazed at the sentiment surrounding Home Depot even after the company reported the highest quarterly revenue in its history. Some analysts have mentioned Amazon's recently signed partnership with Sears to sell Kenmore-branded appliances.
Cramer said he doesn't think it's Amazon's "intent" to encroach on the home improvement space.
"There's just a tremendous fear of Amazon everywhere," Cramer said.