Cramer's 'Stop Trading!': Wait to Buy Retail

"People are buying retail. Gasoline has come down, and they're finally making that translation," Jim Cramer said on Wednesday's "Stop Trading!" segment on CNBC. "I don't want to pull the trigger until the November numbers print, because they will be awful."

He said he'd even wait to buy Macy's(M Quote). "I feel good about Macy's, but not until November," he said. As for Target(TGT Quote) and Kohl's(K Quote), Cramer said he'd be a seller of both.

Cramer would be buying dividend-paying stocks that are hedge-fund-free. "After this hedge-funds-gone-wild period, we have to identify companies that hedge funds do not want to trade that also have good dividends," he said, such as AT&T(T Quote) and Verizon(VZ Quote). "Both of these companies have no hedge funds in them, and that might be the most important determinate."

Cramer apologized for a recent call he made on Schlumberger(SLB Quote). "I had though that Schlumberger down $8 the other day had the feel of a bottom. That was just a bad call by me, and I want to own the fact that it was bad because this quarter is just going to be weak," he said. "I really don't think that offshore drilling is going to be a place to be in the next 18 months."