"Instead of focusing on the morass that is mortgages," focus on the fact that long-term bond rates have gone down and what that will do to high-growth
," Jim Cramer said on TheStreet.com TV's Wall Street Confidential
The interest rates for the 10-year Treasury have gone from 5.3% to 4.66%, and it looks like the "natural leader" in this market is
Research In Motion
(RIMM), which Cramer said he's been saying all year.
It also could be
(ISRG - Get Report) or
(HOLX - Get Report), a stock he owns for
Action Alerts PLUS
When asked about themes that are working, Cramer mentioned
a video he did
TheStreet.com Internet reporter Vishesh Kumar in which he called
(VMW - Get Report) expensive.
"It was probably a mistake by me to concur with that because high growth is not measurable in traditional P/E standards in an environment where interest rates are coming down," Cramer said. "You always want to graft high growth with ... lower rates, which means that we will pay even more for higher growth.
"VMware has the possibility, as absurd as it sounds, to go to $80 or even $100, particularly because a lot of people put on the trade of being short VMware and long
, which is a catastrophic and stupid trade to do when you have an unseasoned stock like VMware," he continued.