Rising bearish sentiment on eBay ( EBAY) could mean the online auction stock is ready to bounce, Jim Cramer said on CNBC's "Stop Trading!" segment Thursday.Cramer said he has noticed heavy buying of the October 25 put options on eBay in the wake of last week's announcement that a top executive will depart. He said that while eBay stock has been "hideous" this year, down 38%, a price of $24 or $25 on the highly profitable company is "discounting nuclear war." Cramer said the strong gains in General Mills ( GIS) and Kellogg ( K) offer a repeat of 2000, when the Fed last pushed interest rates too high. "They're in the zone right now," he said of the food stocks, adding that he expects them to continue to rally until the Fed shows it is ready to hold off on further rate rises. Cramer chuckled at the notion that Rite Aid ( RAD) is now a takeover candidate, likening that stock's rise to the gains in the food stocks. Investors like so-called defensive stocks such as cereal makers and drugstores because they are less apt to suffer in an economic slowdown. Cramer also took issue with an analyst's claim that IBM ( IBM) could be ready to benefit from EMC's ( EMC) operating difficulties, saying he hates the sector. Cramer said high-multiple stocks that don't have buybacks or good dividends are easy prey right now for hedge fund managers who are "shooting fish in a barrel" as slowdown worries loom. Last, Cramer suggested that investors eyeing AMD ( AMD) might exercise caution. The stock is down 30% over two months and is near its 52-week low, but bargain-basement shoppers should note that "there may be four basements out there," Cramer said.