Editor's note: This alert was originally sent to subscribers of Action Alerts PLUS on May 27 at 9:45 a.m. EDT.

I am going to put some of the cash I raised Thursday to work this morning by buying 1,000 shares of

Cabela's

(CAB)

. The sporting-goods retailer looks like it is ready to make a move back over $20 a share, and the recent earnings strength at competitors

Dick's Sporting Goods

(DKS) - Get Report

and

Hibbett Sporting Goods

(HIBB) - Get Report

confirms my view that this space is very investible at current levels.

This purchase will give me 10,000 CAB shares, or around 5% of the portfolio.

P.S. While it is tempting to let some

St. Joe

(JOE) - Get Report

go -- I have a 23% gain in my 2,500-share position -- I genuinely think that this

Toll Brothers

(TOL) - Get Report

analogue is alive and well and that I should hold out to $80 before I take anything off the table. That said, if you believe I am being piggish, please feel free to sell. But the upside of having one housing play on the sheets is too great here, and this one's mine.

At the time of publication, Cramer was long Cabela's and St. Joe.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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