In this market environment, he likes such high-paying dividend stocks as Altria (MO), which just raised its dividend again on Wednesday. Altria is a stock which he owns for his Action Alerts PLUS portfolio.

He's also a fan of AT&T (T) and Verizon (VZ) for their dividends.

He's also a fan of AT&T (T) and Verizon (VZ) for their dividends.

Cramer also sees a bull market in retail stocks and finds Costco (COST) and Urban Outfitters (URBN) attractive. He says just about any retailer should benefit from the rate cuts

Cramer also sees a bull market in retail stocks and finds Costco (COST) and Urban Outfitters (URBN) attractive. He says just about any retailer should benefit from the rate cuts

Banks and brokers should also go higher in this environment, Cramer said. He said Wachovia (WB) is probably the strongest player and noted Washington Mutual (WM) is worth hanging onto until they get a bid.

Banks and brokers should also go higher in this environment, Cramer said. He said Wachovia (WB) is probably the strongest player and noted Washington Mutual (WM) is worth hanging onto until they get a bid.

He also sees some value in Bank of America (BAC) and even in Citigroup (C). The latter is a stock which he owns for his Action Alerts PLUS portfolio.