The stealth rally that has put the averages near five-year highs continues to pass by the diversified coal miners, Jim Cramer said Wednesday on

CNBC's

"Stop Trading!" segment.

Cramer said the tape feels strongly bullish this time around, in contrast to the May 11 rally that petered out just short of recent levels. "What's different now," Cramer said, is that now commodity prices are falling and the

Federal Reserve

is with the market, rather trying to deflate any gains. He said drops in the prices of energy and raw materials mean earnings estimates at many companies are too low. "We've got a rosier atmosphere," Cramer said.

Cramer said a good measure of the improvement is the action in

Chevron

(CVX) - Get Report

, which is up 5% this week as the price of crude oil continues to retreat. "Nothing goes straight down," Cramer said, but he said he believes the price of crude will continue to drop from recent levels in the low $60 range.

Cramer said one way to play the improved market is to buy coal names such as

Peabody

(BTU) - Get Report

and

Arch Coal

(ACI) - Get Report

. Coal remains undervalued relative to oil and natural gas -- "way too cheap," Cramer said -- and now managers at these companies must be worried that huge energy players like

Exxon Mobil

(XOM) - Get Report

and

BP

(BP) - Get Report

will come along and snap them up.

At the time of publication, Cramer had no positions in stocks mentioned.

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