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 Quote). 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 Quote) 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.