Jim Cramer's Stop Trading! Pinched Shorts

Under Armour (UA Quote - Cramer on UA - Stock Picks) and Coldwater Creek (CWTR Quote - Cramer on CWTR - Stock Picks) have both been unfairly doused by the shorts and could still move higher, Jim Cramer said on his "Stop Trading!" segment on CNBC.

Both have been labeled as too rich. But "you don't short based on the multiple," Cramer said. "A multiple is a tell of where a stock is going."

In Under Armour's case, the high short count has only served to move it higher. "The high multiple has been a reason to attract a lot of momentum buyers. This is attracting them. The stock's going higher."

Cramer also had high praise for Under Armour CEO Kevin Plank, whom he termed a modern-day Mickey Drexler for that exec's multifaceted role at Gap in being active in designing the product and running the business.

And Coldwater Creek is a good retailer that's turning from a regional to national story. "You have to buy them when they stumble, or else they just keep flying high."

Meanwhile, Halliburton (HAL Quote - Cramer on HAL - Stock Picks) keeps getting beat up; on Monday it fell on a Goldman downgrade of Schlumberger (SLB Quote - Cramer on SLB - Stock Picks), another oil stock. "It's my nomination for the single most-hated stock in the universe," he said. However, "Being hated doesn't mean it goes up. ... We're going to have to wait until Wednesday's inventory number. I'd buy it Thursday."