CNBC's Jim Cramer suggested it's helpful to consider stocks sitting at new 52-week highs to better understand market trends and themes. He picked out several companies that have recently made the "new high" list which he thinks are indicative of the mood on Wall Street.

"You can learn a lot about a market from looking at the stocks that make it to the 52-week high list," he said. "It's a rarefied group by nature, and it speaks loudly about what works and, of course, what doesn't."

Cramer was not surprised there aren't many major tech names that have reached new highs recently. He said the group is dragged down by trade tensions between the U.S. and China, which makes rare earth magnets vital to electronics. However, semiconductor giant Broadcom managed to make the list, along with two smaller companies related to the ever-popular data center trend — hard drive maker Seagate and Johnson Controls, which makes cooling systems.

Wall Street street favors subscription model businesses, Cramer surmised, which explains recent gains for streamers Netflix and Spotify. Uniform-maker Cintas has also hit a new high, and while it's not necessarily considered a subscription business, Cramer pointed out that the company usually signs five-year contracts. Cintas also sells other equipment to many blue-collar employers, like first aid and safety gear, and so Cramer claimed the stock's success is a good sign for the broader economy.

There are several outliers on the list that don't fit a clear theme, such as DoorDash, eBay, Roblox, GE Aerospace and Mosaic, Cramer added.

"At the end of the day, this new high list is an eclectic group of stocks, mostly geared to U.S. venues. That makes sense, given the trade war," he said. "I'd be a buyer of any of these names down 5 to 8% from these levels. That is my favorite percentage to start a position on a red hot stock, and not before then."

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Disclaimer The CNBC Investing Club Charitable Trust owns shares of Broadcom.