Jim Cramer's 'Stop Trading!': Retail Rally

"The materials are in the one of the greatest bear markets I've ever seen," Jim Cramer said on Wednesday's "Stop Trading!" segment on CNBC.

Other sectors are benefiting from that decline. Housing and financials are experiencing "unbelievable moves," he said, and no one is paying attention. "It's driving me crazy! Everyone seems to think they're rallies in a bear market, but these are some of the most-sustained moves out there."

As for playing the move in housing, Cramer recommended buying calls on the Philadelphia Housing Sector Index (HGX). "I do feel like you have to buy an index here," he said. Buying an individual stock "is to take your life in your hands." Investors would run the risk that the stock "have a bad month and give back the gain, as Toll Brothers(TOL Quote - Cramer on TOL - Stock Picks) did recently."

Retail is another beneficiary and a play on possible tax cuts "for everybody but the rich" if Barack Obama is elected president. "We have endless, endless rallies in this group," Cramer said, but no one talks about it. He mentioned the "explosion" in VF Corp.(VFC Quote - Cramer on VFC - Stock Picks). "You can't get that kind of run-up unless retail is in a bull-market phase." He also mentioned Jones Apparel(JNY Quote - Cramer on JNY - Stock Picks), Kohl's(KSS Quote - Cramer on KSS - Stock Picks) and Macy's(M Quote - Cramer on M - Stock Picks).

Finally, he called Schlumberger(SLB Quote - Cramer on SLB - Stock Picks) a buy.