Jim Cramer's 'Stop Trading!': Hold On to Freeport

Even though its economic cycle is over, Freeport-McMoRan(FCX Quote - Cramer on FCX - Stock Picks) is still a good play, Jim Cramer said on CNBC's "Stop Trading!" segment Wednesday.

"We're in a huge rotation out of late-cycle stocks like Freeport ... and into early cycle stocks like banks," Cramer said. But the copper and gold mining company is "a layup to be bought out by a BHP (BHP Quote - Cramer on BHP - Stock Picks) or a Rio Tinto (RTP Quote - Cramer on RTP - Stock Picks)."

The short-term outlook for Freeport, however, is far less certain. Cramer urged investors to "forget about it for the next six months, because this cycle is over. ... The momentum guys have to get out of it like they're getting out of ag, like they're getting out of oil. ... Be respectful of the amount of money they run."

Cramer noted that investors are moving out of plays like Freeport and into the banks. "There are bailouts out there. These bailouts can occur. ... The move out to the banks makes a lot of sense."

If the fed funds rate comes down enough, Cramer says, the banks can mount a recovery.

Finally, of Google's (GOOG Quote - Cramer on GOOG - Stock Picks) recent decline, Cramer only offered, "Buy any retailer you want. I'm not talking about Google."