A consumer slowdown related to the stock market hurts Costco (COST) - Get Report. That's all you need to know. It is amazing. The stock market even got mentioned as a reason for the weakness on the call!

When they hit Costco, the question becomes, how badly has the consumer been hurt? That's supposed to be the last thing that gets hurt. That's where you shop when you trade down!

Again, you put the pieces of the puzzle together and it explains why the foods, beverages and tobaccos are running. They are as immune as you are going to get to consumer spending.

Couple this piece with

the SBC piece and you understand that the market is saying the

Fed

should be done. Only the Fed doesn't know it!

This is so different from the call that I was on for

Wal-Mart

(WMT) - Get Report

just a short time ago. Looks like April was a bad month for the consumer and May is worse. That's the only way to read

this Costco decline and what you see on your screen.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long SBC Communications. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.