Right now, cyclical stocks like miners and industrials are in favor, said TheStreet's Jim Cramer, comanager of the Action Alerts PLUS portfolio, on Wednesday. He was taking viewer questions from the floor of the New York Stock Exchange

That's put a pause on buying stocks like Hershey (HSY - Get Report) , which Cramer also noted caught a downgrade to sell from hold at Bank of America/Merrill Lynch. Although convenience store sales are going strong -- something Cramer extrapolated from the recent earnings results from PepsiCo (PEP - Get Report) -- he's going to wait for a larger pullback before calling it a buy. 

As for banks, Cramer said he would rather buy Action Alerts PLUS name Bank of America (BAC - Get Report) over Wells Fargo (WFC - Get Report) (another Action Alerts PLUS holding) and Citigroup (C - Get Report) . BofA shares are climbing higher, closing the gap between its current price near $14.70 and its book value of roughly $16. 

PepsiCo, Bank of America and Wells Fargo are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells PEP, BAC or WFC? Learn more now.

"I like that one very much," Cramer said of Bank of America. "Not just as a bank but for its brokerage business in Merrill Lynch as well, preferring it over others like Cowen (COWN - Get Report) ." 

Cramer turned his attention to Skechers (SKX - Get Report) , which he said has very competent management that he doesn't want to bet against. "I think it's fine," he added. 

Another fine stock is AT&T (T - Get Report) , which one viewer owned in an IRA account. However, Cramer warned viewers to be careful with MLP stocks like Energy Transfer Partners (ETP) in retirement accounts, because the government has different tax rules for stocks like this. 

"I think Gilead (GILD - Get Report) needs to make an acquisition," Cramer said. "Without one, shares could be stalled." 

Finally, Cramer touched on Valspar (VAL - Get Report) , which was acquired by Sherwin-Williams (SHW - Get Report) in March. Sherwin-Williams, Whirlpool (WHR - Get Report) , Masco (MAS - Get Report) and Home Depot (HD - Get Report) are all ways for investors to play the trend in housewares, he explained.

Investors can go ahead and add Newell Rubbermaid (NWL - Get Report) to that list now that its acquisition of Jarden (JAH) is complete, he concluded.

Cramer answers viewers' social media questions on Facebook  (FB - Get Report)  and on Twitter (TWTR - Get Report) . Send questions to him @JimCramer with the hashtag #CramerQ.

At the time of publication, Cramer's Action Alerts PLUS had a long position in BAC, PEP and WFC, as well as FB and TWTR.