Retail cannot be ignored if the Fed were to cut rates. Retail may be as hated as brokers and homebuilders but some have great balance sheets and growth, with buybacks being executed and insiders are buying many. If the Fed decides to cut rates things here could change dramatically. Even the likes of The Gap Inc. (GPS), which has long been loathed and hated for incompetence may start looking good. The balance sheet is in order with a huge buyback. The new CEO, Glenn Murphy has 20 years in retail with the largest drugstore chain in Canada and this new fresh perspective could be just what GPS needs. The largest shareholder, Robert Fisher did a great job trimming the company's fat as the interim CEO. They 20 to 30 year old demographic is the real driver of the stock. The stock has beaten expectations for a year and analysts still doubt the stock. This is a great turnaround story within a sector that is turning according to Jim, but you still need to research and not jump in too early.

American Eagle Outfitters (AEO) may be a buy based on insider buying. The Chairman Jay Schottenstein purchased 150,000 shares. He served as CEO between 1992 and 2002 and has been with the company with 1980 along with in 1997 at one point he owned 28% of the company. Now that he sold his way down to 5% he is a buyer again. Jim would "follow this guy" because he "knows what he is doing." The stock is trading at just 12 times next years earnings and next year easier comps could be seen. Jim thinks it time to consider buying this stock but waiting until the end of next week was recommended.

As retail may be trading down as a whole, Jim thinks that individual standouts could turn up nicely with a rate cut. Companies are still executing even in this environment. Kohl's Corporation (KSS) was citied as it has dropped 28% since the April 20 high but sales are up 8.7% with earnings a penny ahead of consensus and the margins expanded. Here we saw same store sales up 1.3% and for a big, maturing store Jim does not think that is bad. Catalysts are in place here also as they are moving toward private label and licensed products. The Food Network is making branded products here as well. Jim thinks KSS is a "great retailer, deserving to be bought" if the Fed eases rates.

Cramer was out with bullish comments on Onyx Pharmaceuticals Inc. (ONXX), calling the company's Nexavar drug "the next unbelievable blockbuster." Cramer had on the chairman and president of ONXX Hollings Renton to tell market players what is in store for the company. Renton agreed with Cramer that Nexavar is showing very big promise in trails for fighting liver cancer. Renton said that ONXX had $80 million in sales in the second quarter. Cramer said that Nexavar may turn out to be "the best cancer story ever told." Cramer also thinks a major player like Bayer (BAY) might want to buy ONXX. Cramer said look to buy the stock on dips.

Cramer was out with bullish comments on Onyx Pharmaceuticals Inc. (ONXX), calling the company's Nexavar drug "the next unbelievable blockbuster." Cramer had on the chairman and president of ONXX Hollings Renton to tell market players what is in store for the company. Renton agreed with Cramer that Nexavar is showing very big promise in trails for fighting liver cancer. Renton said that ONXX had $80 million in sales in the second quarter. Cramer said that Nexavar may turn out to be "the best cancer story ever told." Cramer also thinks a major player like Bayer (BAY) might want to buy ONXX. Cramer said look to buy the stock on dips.

American Woodmark Corporation (AMWD) is buying back $100 million, or 25%, of its total shares. Cramer believes not only that these buybacks show confidence within the company but also that less stock being available "will help you long-term." The stock is down 38% from its high in February. However, it recently increased its dividend 50% to 9 cents a share. It's a great sign when a company raises its dividend even though its stock is down, Cramer said. Cramer also likes the dividend and balance sheet. Cramer believes that American Woodmark, which is levered to the awful housing industry, is not going to go immediately up, so investors should wait at least five days before pulling the trigger and use limit orders, he said.

Cramer was out with bullish comments on International Gaming Technology (IGT). IGT, which Cramer owns for his charitable trust, is down 23% from its high. He said that it is simply "on sale." Cramer likes the growth and the $50 million buyback the company recently announced. Cramer thinks IGT is a long-term investment that shouldn't be sold before 2008.

"On a day like today, I debated deflating the game," said Jim Cramer. The Wall Street pact of nobody selling off the last week of August was broken today, he said. Cramer called Wynn Resorts Limited (WYNN) "best of breed among casinos calling it better than Las Vegas Sands Corp. (LVS). Cramer thinks that Macao, where WYNN is also licensed to operate, is a "better version of Vegas." Last year, Macau surpassed Las Vegas as the world's largest gambling market. Wynn's second-quarter revenue was up 15% year over year to $687.5 million, and Cramer believes this profitability will continue. He called the company a "Wynn-win situation," adding that "the world is Wynn's oyster." Cramer wants market players to buy WYNN when it comes in.