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.

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Phillips-Van Heusen (PVH) is nowhere, that might work, too.