Jim Cramer's Stop Trading! Nipping at Nymex

The Nymex IPO is looking like a screaming buy, Jim Cramer said Thursday on CNBC's "Stop Trading!" segment.

Cramer said he would use limit orders Friday to buy shares of the commodity exchange up to 20 points above its expected pricing range of $54 to $57. The offering is expected to be priced tonight and to open trading tomorrow.

Cramer cited the strong gains in other exchanges, such as the NYSE (NYX Quote) and the Chicago Mercantile Exchange (CME Quote).

"There has never been a bull market like we have in exchanges," he said.

Cramer also said it's not time to own food stocks such as Pepsi (PEP Quote) and Kraft (KFT Quote) because the group's May-October runup left these names with big price-to-growth premiums. "Don't buy any of them," he said.

Still, Cramer applauded Pepsi for sending him a bunch of low-fat snacks in the wake of his remarks about the backlash against unhealthy convenience foods. Cramer said Pepsi's move shows the company is "not sitting still."