Then Phillips-Van Heusen (PVH) reported a monster beat, and that's a gigantic off-price retailer and apparel maker that represents another good sign for consumer spending. It's not Polo Ralph Lauren (RL). But not Family Dollar (FDO) either.

Earnings on Nov 18 could be just the catalyst this $2.2 billion apparel stock needs to make it to the next level.

Blue Harbour Group acquired a 5.3% position for investment purposes.

Four that I watch and think are 2, 3, maybe 4 or 5 points too high are Ralph Lauren (RL), Nordstrom (JWN), Phillips-Van Heusen (PVH) and Gamestop (GME). I don't think any of these companies is doing that well. The discretionary buying is terrible. I think the expensive hardware will not be selling at GME, and that one -- even as low as it is -- can go lower.

potential

So let's put some numbers to that: Phillips-Van Heusen (PVH) was at $31 before rebate fever, now it is at $40 -- down $2 today.

Now, though, we just have higher oil prices, no more big benefits from the calendar, and a sense that the lack of home equity is really about to hit home. So what would I do? I would sell select ones: Home Depot (HD), Kohl's, Macy's (M), VF Corp. (VFC) (for now) and Phillips-Van Heusen. I would let them come in and wait for the bears to push them down further before I would look at them again.

Cramer recommended Polo Ralph Lauren (RL) and Phillips-Van Heusen (PVH).

We've got three others on the move, too, that are worth at least pondering. The first, Phillips-Van Heusen (PVH), must have something going on. Check out the spike in that chart. The quarter was disliked, but the aftermath has seen nothing but buyers.

Victoria's Secret Needs More Than Bikinis to Stay Afloat
Kristin Bentz, The Talented Blonde, reveals why the retail chain's latest swimsuit strategy may leave investors high and dry.

Click here to watch the video.