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NEW YORK (TheStreet) -- Sometimes the grill gets too hot for even the master chefs to handle. That was Jim Cramer's take on Wednesday's market action and, as he told his Mad Money viewers, the selling still isn't over.
The market's problems started last Friday in the biotech sector, Cramer noted. Stocks including fave Regeneron (REGN) continued to roar higher even after the company unveiled its latest clinical trial results. Typically, a stock like Regeneron should rise ahead of the event and sell thereafter, but that was not the case.
Must Read: 5 Stocks Warren Buffett Is SellingThat's why Cramer told viewers to take some profits in the red-hot biotech sector last week, a call that was not well received by many momentum investors. But the biotechs, along with technology and the industrials, started heading south Monday, just as Cramer expected. So what should investors' do next? Nothing, Cramer advised. The markets need time to cool and the analysts will not be your friend as estimate cuts are likely coming. Even a stock like Sonic (SONC), which posted a terrific quarter, saw its shares slammed by 12% today. In a market like that, it's best to cool your heels, Cramer concluded.