Cramer's 'Mad Money' Recap: Feb. 2

This article was originally published Feb. 2

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"Put your money in tech and you 'will' get burned," Jim Cramer warned the viewers of his "Mad Money" TV show Monday.

He said there was no basis for today's rally in the tech stocks, and he predicted the tech stocks will likely give back much of today's gains over the next 48 hours.

"In Nasdaq we do not trust," said Cramer, who explained that today's rally, along with several others earlier this year, have all been on the heels of positive news from just four companies: Apple (AAPL Quote), Google (GOOG Quote), Amazon (AMZN Quote) and Research In Motion (RIMM Quote).

But Cramer said these rallies are completely unfounded given that tech, outside of these four names, is doing terribly right now.

With the rare exception of Qualcomm (QCOM Quote), a stock which he owns for his charitable trust, Action Alerts PLUS, Cramer said the tech sector's problems are sizeable.

He said that while their woes may pale in comparison to that of the banks or the oil stocks, tech is definitely in as bad a shape as retail or the industrial names.

Cramer explained that tech is a zero sum game, and that positive news from Apple doesn't equate to rival Dell (DELL Quote). Likewise, he said, strength at Google doesn't mean strength for Yahoo! (YHOO Quote). And he said Applied Materials' (AMAT Quote) strong earnings will not lift the rest of the semi's.

Another reason not to own tech right now is history, said Cramer. For 17 of the last 18 years, tech has underperformed the averages from February through September. Why would this year be any different, he asked. He said he wouldn't even consider tech until the fundamentals improve.

Cramer: Look But Don't Buy