Cramer's 'Stop Trading!': New Kind of Market

"This is a new kind of market," said Jim Cramer on CNBC's "Stop Trading!" segment on Thursday.

FedEx(FDX Quote) is up almost 6% following its earnings call this morning. "This is one of the great ones because if you read the conference call, there isn't anything positive," said Cramer. At one point during the call, though, CEO Fred Smith said that the worst was over. "That's all it took, and the stock is up," said Cramer.

As for the banks, "I think things got frothy, but when the Fannie Maes(FNM Quote) and the Freddie Macs(FRE Quote) start going up, and the AIG(AIG Quote) goes up and the Citi(C Quote) has a short squeeze," said Cramer, "when you see that kind of action, you've got to take a breath."

"It's not over," he said. It just means it's time to regroup. He suggested that people "maybe even take something off the table so we can play again."

In response to the bill passed in the House today that would highly tax executive bonuses, Cramer called it "foolish" and "unbelievable." But he said it's not easy to stand up against it. "If you attack Obama or you defend the rich, you're history," he said.

Cramer said that this senitment might make it difficult for Obama to veto the bill, but Cramer's holding out hope. "He's been so good the past couple of weeks, and I'm kind of banking on him to say 'Let's be grownups here. This is crazy,'" said Cramer.