I think all of these rallies can be quantified by gasoline going from $4.50 to $3.50. The stocks say that the extra dollar served as more of a stimulus than the rebates, especially given that no one expected much from back to school.

We can't expect gasoline to go down as much it did when oil plummeted from $148 intraday to $111. But the price held firm at $3.50 and change despite last week's big run even though the lag on the upside has only been a couple of days at a time.

Now it is time to ponder what $3.25-to-$3 gas will mean for retail. I think, given how lean the inventories for retail are and how heavy the inventories for oil are, we can expect a run down to $3 and a robust move higher for the group.

If that's the case, it might be worth recalling who has the best inventory situation -- Penney (NYSE: JCP) (Cramer's Take) and Macy's -- and who was doing the best going in to the decline -- TJX (NYSE: TJX) (Cramer's Take), Urban Outfitters (NASDAQ: URBN) (Cramer's Take) and Jones.

I think any of those makes a great play with oil plummeting.

Don't overlook, though, the packaged-goods players with the biggest price increases off of oil: Pepsi (NYSE: PEP) (Cramer's Take), General Mills (NYSE: GIS) (Cramer's Take) and Procter (NYSE: PG) (Cramer's Take). I don't play the airlines, but it is obvious that AMR (NYSE: AMR) (Cramer's Take) could react up the most here, with Continental (NYSE: CAL) (Cramer's Take) second.

Do not dismiss the post-Labor Day rally that obscures what happened to Dell (NASDAQ: DELL) (Cramer's Take) last week. Do not dismiss the notion that Dell's execution is poor. But most importantly, recall that a market that has retail rallying can take up everything, including electronics, as any rally will extend to Best Buy (NYSE: BBY) (Cramer's Take), another stock that got crushed after the rebates and that has now roared back to the peak of rebate season.

Finally, I continue to believe that Sears (NASDAQ: SHLD) (Cramer's Take) has bottomed, with four sells and a hold and a short position equal to a bad savings and loan going into a rate hike.

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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long Wal-Mart, Pepsi, General Mills and Procter & Gamble.