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Stocks discussed on Jim Cramer's Stop Trading! TV Segment, Friday April 8.

Pier 1 Imports (NYSE:PIR), Williams-Sonoma (NYSE:WSM), Target (NYSE:TGT), Wal-Mart (NYSE:WMT), National Oilwell Varco (NYSE:NOV)

Something that "really shouldn't be happening" is the success of high-end retail with oil edging over the $110 mark. While low housing prices might explain the desire of homeowners to beautify their existing homes since they cannot sell, the expensive merchandise at Pier 1 Imports (PIR) and Williams-Sonoma (WSM) is comprised of luxury items. The trend is counterintuitive, because these stocks should be suffering rather than thriving as oil rises.

The surging price of oil is bad for stocks, and there are few positive ways to spin the trend, but National Oilwell Varco (NOV) takes care of the shortage of drilling equipment and is a "hedge fund darling" when oil rises higher. "I like the stock, even as I do fear for demand destruction," Cramer said.

Target (TGT) has lost its way. With three firms reporting on the retailer's loss of momentum, Target has done little to distinguish itself from rival Wal-Mart (WMT). "Their stores don't seem more special than other places," Cramer said. He would sell Target on any rally. "I don't want to own it...it's dead money."

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Source: Cramer's Stop Trading! National Oilwell Varco Is a Hedge Fund Darling (4/8/11)