In particular, Cramer said high-flying tech stocks in particular cannot be owned forever. Technology changes too rapidly and what's red hot this year likely won't be next year. Likewise with cyclical stocks, said Cramer -- just because the economy is great today doesn't mean it will stay that way tomorrow.
"Tech stocks are not the same as staple stocks," Cramer explained. There are tech cycles and there are economic cycles but there aren't cycles for Cheerios or Hershey bars. Learn from the dot.com bust of 2001, Cramer reminded viewers. Investors need to be ready to sell when the time comes.
When it comes to high-flying stocks, Cramer concluded, "take profits on the way up, get out on the way down and be ready to jump ship when the time comes."
--Written by Scott Rutt in Washington, D.C.
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