"Get out of the banks with the exception maybe of JPMorgan, PNC Financial had a good quarter," Cramer said. "But look, I don't trust this group, and I think people have to recognize that they're too vulnerable."
A lot of people are misinterpreting the commodities market, particularly cotton, Cramer said.
"They see stocks that are going up and they say wow, cotton must be peaking, look at these apparel stocks, look at VF Corp., look at Ralph Lauren," Cramer said. "These happen to be brands, whether it be Tommy Hilfiger, whether it be North Face , whether it be Polo, that are raising prices and the pricing is sticking, and the pricing is ahead of the cotton price so that it's falling right to the bottom line.
I'm using these as examples that margins, which so many people think are peaking, are not peaking and the earnings remain terrific."
Get Behind Barrick
Barrick Gold has agreed to buy Equinox Minerals for about $7.68 billion, topping a bid from China's Minmetals Resources in a big bet on soaring copper demand.
Already the world's largest gold miner, Barrick will double its position in copper with the acquisition. Prices for the industrial metal have risen more than sevenfold in the past eight years as supplies lag the surging needs of China and other developing economies.
Cramer said he likes the deal.
"They are a disciplined buyer, they would not do anything if they didn't think it was additive to earnings," Cramer said. "This is an opportunistic management that is one of the best in the world. I would buy the stock understanding that there could be some pressure on it. But the stock into the weakness because this is one of the best-run mining companies on Earth."
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