Cramer said that economic pressures such as increased gas prices will affect the dollar store customers disproportionately, but these pressures are likely "imperceptible" to those shopping at luxury retailers.

He agreed that in this market investors should be bullish on names like Michael Kors and bearish on names like Dollar Tree. "I do feel strongly that when you get in the way of high fashion, you better have a Coach — a company that is not doing that well — and to make a stand on a Family Dollar. You better have your facts right, or hope for lightning to strike like it did with Office Max and Office Depot."



"It's a mixed-picture retail, depending on whether you have a lot of money or don't," he said. Cramer added that the recent deals would make him hesitant to get out of lagging names, because they could be ripe for takeovers in this environment.



"Theres not a sector where I can't say something positive about," Cramer added. "You're fighting the Fed if you're selling stocks right now."

— By CNBC's Paul Toscano. Follow him on Twitter and get the latest stories from "Squawk on the Street" @ToscanoPaul



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