Jim Cramer's Stop Trading! Buy JPMorgan

Wells Fargo (WFC Quote - Cramer on WFC - Stock Picks) and JPMorgan (JPM Quote - Cramer on JPM - Stock Picks) are the only bank stocks you need to own, James Cramer said Wednesday on CNBC's "Stop Trading!" segment.

Referring to the Kiefer Sutherland character in Fox's 24, Cramer said JPMorgan chief Jamie Dimon is "the Jack Bauer of bank stocks." He said that though some people are worried about the prospect of the bank shopping for another acquisition, "some guys know how to do deals that are accretive," and Dimon is one of those. Cramer added that JPMorgan's latest quarter showed that "every single cylinder is finally firing."

By contrast, Cramer said, Citigroup (C Quote - Cramer on C - Stock Picks) is wandering around aimlessly and Bank of America (BAC Quote - Cramer on BAC - Stock Picks) seems strangely intent on hurting shareholders with a dilutive acquisition. Cramer said he'd sell those stocks.

Cramer would "back up the truck" and buy Northern Trust (NTRS Quote - Cramer on NTRS - Stock Picks), off 4% Wednesday at $60. He called the bank a "consistently well-run company" that's being hit because Wall Street is "for a nanosecond disappointed" with the latest quarter's numbers. "This is a good situation," he said.

Another good situation is that of MasterCard (MA Quote - Cramer on MA - Stock Picks), which has tripled since Cramer got behind it and is now poised to break through $110 from a recent $109. "This one won't be constrained by the February 110 strike," Cramer said. "The shorts will be routed."

Cramer was less enthusiastic about Wednesday's rally in the homebuilders, which took Lennar (LEN Quote - Cramer on LEN - Stock Picks) up 5% even as the company swung to a big fourth-quarter loss and offered highly conditional earnings guidance for 2007. Cramer said he would sell the rally.