"According to this new negative theory, the retail stocks are being hit with a perfect storm of negativity, which makes them far too dangerous to own," the "Mad Money" host said.
Worse, the theory "can't be defeated even by good numbers or a decent employment report, which gave us nice job growth with very little inflation," he said. "Remember: the story doesn't need to be true for it to do a lot of damage."
The main points of the "death of retail" story are fivefold. Cramer said the Federal Reserve, oil prices, earnings comparisons, wages and the trade war with China all play a part. Here's the breakdown: