Cramer: Expect Rotation Into Slower-Growth Stocks

This column was originally published on RealMoney on Feb. 27 at 9:18 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

---

We are looking at serious declines, a 2% rout across the board. Can't be complacent about these, even as you know that what we will probably see is a rotation into the Procter & Gamble(PG Quote)/Altria(MO Quote) world because of worries about a global slowdown.

We've had a market all year where the Kelloggs(K Quote) and Altrias of the world have flatlined while every cyclical has been bid up madly. I see that being undone swiftly today.

So what happens? A Boeing(BA Quote) get smashed even though we know orders are going up. You see pain in the Black & Deckers(BDK Quote) and the Caterpillars(CAT Quote).

You get some spillover into weak tech, maybe Microsoft(MSFT Quote) and Cisco(CSCO Quote). People forget about the bull market in cable and fiber and sell the retailers because of Nordstrom(JWN Quote) and bad guidance with Federated(FD Quote).

Make no mistake about it, this is a rotation into a slower-growth world as all year, all we've heard about is a faster one.

Watch Altria. It has been the worst. Could be among the best in today's trading.