Cramer's 'Stop Trading!': Transocean Tells

"The market is a reflection of millions of different decisions," said Jim Cramer on Friday's "Stop Trading!" segment on CNBC.

With that in mind, Cramer said he wasn't going to formulate a view on retail based on JC Penney's(JCP) earnings report today. "I look at something like what JC Penney says, and I can't make that determination," he said.

Cramer said that the two greatest tells for gasoline have been Transocean(RIG) and Schlumberger(SLB). To make a forecast for gasoline, he said, he'd start by asking: "Where's Transocean going?"

"Transocean has peaked out here, and that may mean that gasoline has stopped," he said.