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Jim Cramer: Looks Like 2000 Is in Play

This kind of activity went on all the way down in 2000. It never stopped. It was like a hidden cancer that operated on all of the stocks at once. I don't think I would have ever understood it was happening, however, if I hadn't been pitched it.

Sure it's possible they'll bounce. There were natural sellers everywhere betting that a strong employment number would cause these stocks to get crushed again, because the money needs to go into leveraged old tech with earnings, and not unleveraged new tech with insider selling.

But if 2000 is in play, and I think it is, someone's now short or hedged against a crash landing for the group. And we all have to deal with a phenomenon that -- if it is like 2000 -- is just getting started, and was nowhere near complete at 4 p.m. EDT yesterday.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long NOW and FB.

Editor's Note: This article was originally published at 7:48 a.m. EDT on Real Money on April 4.

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