NEW YORK (TheStreet) -- WellPoint (WLP) "reported a blowout quarter," said Jim Cramer on Wednesday's "Stop Trading!" segment on CNBC. He said the stock was "looking up in the morning" but that "the market is so bad."
The real test for WellPoint, he said, will come tomorrow, when House Speaker Nancy Pelosi reveals the House's health care bill. He thinks that even if the Senate doesn't have the necessary 60 votes for tomorrow's plan, it does "have 60 votes for a watered-down plan that will not hurt WellPoint."
Considering Sen. Joe Lieberman's announcement that he won't vote for a bill that includes a public option, Cramer said that to win over Lieberman and others, "you have to offer a plan that frankly doesn't hurt the WellPoints of the world."
stock "has just zoomed" and "right now it looks right," Cramer said he expects people to be unloading the stock in an attempt to lock in profits.
Jones "said inventories are lean, and that really spells a good fourth quarter," said Cramer. But it might not matter that much, because, in general, "it seems really hard to beat the trend of people locking in a Jones Apparel."
"I think we've seen the highs for the year," said Cramer, "and that in itself is enough to think, 'Don't go all over the place.'"
-- Written by Rebecca Corvino in New York.