What Smells in the Fridge?

 

More on Wrong! Rear Echelon Revelations

All of this old economy vs. new economy garbage has me thinking that it would be ironic if, just when these mutual fund managers abandon their tech for the stuff in the fridge, maybe we are about to get some stinker numbers from the fridge companies.

Take a look at Coke (KO). Will you look at that? I mean is that awful? Giant rollover.

Now I worry that this whole group could be too extended and we just tried to by some puts on the consumer index. Couldn't get them. Moving too fast.

We wanted to buy the puts because we are long some drug stocks and Bestfoods (BFO) and wanted the protection that we might need in case growth rates are lowered for the whole industry. That, plus a strong employment number tomorrow, might make for a real pullback.

We have no particular edge against the group, but we do think that Coke shows this group could really get hammered on any bad news.

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James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Bestfoods. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at jjcletters@thestreet.com.

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