This column was originally published on RealMoney on Feb. 27 at 9:18 a.m. EST. It's being republished as a bonus for 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

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world because of

worries about a global slowdown.

We've had a market all year where the


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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


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get smashed even though we know orders are going up. You see pain in the

Black & Deckers


and the


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You get some spillover into weak tech, maybe


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. People forget about the bull market in cable and fiber and sell the retailers because of


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and bad guidance with




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.

At the time of publication, Cramer was long Altria.

Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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