Stop Trading!: Buy Retail

Wall Street's focus on the Fed means some key earnings reports are going unnoticed, Cramer said during Wednesday's Stop Trading!.

Ingersoll-Rand , which has "really made some great changes," had a "monster call." The climate control business IR runs is "unbelievable," Cramer said, "when oil's at $115-$120."

He saved his best words for Jones Apparel , though: "Great quarter. Big dividend. Accelerated buyback. Huge Wal-Mart contract kicking in." Cramer gave JNY two thumbs up, adding that the highs, or near highs, seen in J Crew , Costco , Urban Outfitters (despite being downgraded) and others are part of a "selective retail rally."

Why buy retail in a high gas and food price/declining home prices-type environment?

“We are in the throes of an earnings renaissance," Cramer said, "that is really extraordinary among American companies."

Cramer pointed to the strength of engine-maker Cummins , a notorious poor performer during a recession, which is up $5.

"How many times when you're going into a recession -- where is the recession, by the way? -- has [Cummins] just stunk?"

"And don't forget," he continued, "JPMorgan and Goldman Sachs continue to go higher."

Jim's charitable trust owns Goldman Sachs.

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