"This is a new kind of market," said Jim Cramer on CNBC's "Stop Trading!" segment on Thursday.

FedEx ( FDX) is up almost 6% following its earnings call this morning. "This is one of the great ones because if you read the conference call, there isn't anything positive," said Cramer. At one point during the call, though, CEO Fred Smith said that the worst was over. "That's all it took, and the stock is up," said Cramer.

As for the banks, "I think things got frothy, but when the Fannie Maes ( FNM) and the Freddie Macs ( FRE) start going up, and the AIG ( AIG) goes up and the Citi ( C) has a short squeeze," said Cramer, "when you see that kind of action, you've got to take a breath."

"It's not over," he said. It just means it's time to regroup. He suggested that people "maybe even take something off the table so we can play again."

In response to the bill passed in the House today that would highly tax executive bonuses, Cramer called it "foolish" and "unbelievable." But he said it's not easy to stand up against it. "If you attack Obama or you defend the rich, you're history," he said.

Cramer said that this senitment might make it difficult for Obama to veto the bill, but Cramer's holding out hope. "He's been so good the past couple of weeks, and I'm kind of banking on him to say 'Let's be grownups here. This is crazy,'" said Cramer.
At the time of publication, Cramer had no positions in stocks mentioned.

Jim 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 Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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