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

Altria

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world because of

worries about a global slowdown.

We've had a market all year where the

Kelloggs

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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

Boeing

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

Black & Deckers

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and the

Caterpillars

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.

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You get some spillover into weak tech, maybe

Microsoft

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and

Cisco

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

Nordstrom

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and bad guidance with

Federated

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.

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.

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