This Selloff Still Too High to Buy

Suddenly we have a selloff. It's across the board, led of course by the decline in oils, but also with the soft goods stories.

It's the latter that I find most interesting. We haven't had a breather in this group in ages. When was the last time you saw Colgate (CP - commentary - Cramer's Take) down a dollar? How about Procter & Gamble (PG - commentary - Cramer's Take) going down despite the talk of big, bad divestitures?

Those are all pretty valuation-stretched, but beckon a weak dollar basis down a percent or two.

Tech's also rolling over on a minimal push against it by a semi analyst on top of the bad Micron (MU - commentary - Cramer's Take) quarter.

This is a selloff that will be too high to buy. It just started. First real day of it. Take a breather. Ring a few registers if you want to.

But notice that the decline is all-encompassing except the stuff that people are really short: housing companies, Sears (SHLD - commentary - Cramer's Take) and Crocs (CROX - commentary - Cramer's Take).

At the time of publication, Cramer was long Sears Holdings.

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