Find Silver Lining as Tech, Oil Cloud Market

Didn't think that tech stocks still had the power to take us down, but they are doing it. That and the oil complex are rolling over.

I want to point out that the strong housing data are not what's causing the rally to run out of steam. They are a convenient reason to believe that the Fed won't have to ease, and the utilities and oils should therefore go down.

I don't disagree with the utility selloff, bonds or no bonds. That group has been ridiculously strong and you had to ring the register at some time, given the paltry growth of a value-stretched industry.

But what I think has this market really jittery is that in the last few days, the market had become very narrow. I liked it, because we were rotating from one sector to another, but we've been taking up the same stocks this week -- aerospace and oil -- and really crushed tech.

That's narrow leadership. Too narrow. So when tech comes in, courtesy Analog Devices (ADI - commentary - Cramer's Take) and CA (CA - commentary - Cramer's Take), many stocks come down with it.

Silver lining: The decline is so swift and some of my favorite stocks are down 2, 3 points. That makes me want to bid for them.

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At the time of publication, Cramer had no positions in any of the stocks mentioned in this post.

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