Out of socks and into

SOX

? Out of mush and into MoSH? Let me explain. I am seeing sellers of the consumer staple stocks and buyers of the semiconductors. People don't seem to want the thin gruel of the foods; instead, they crave the

Morgan Stanley High-Tech 35

index, or MSH.

This rotation is important because, frankly, there isn't enough money around to take up everything. When you see the drugs down, the corollary, biotech and high-rolling tech, start to ramp up.

As the latter is filled with bad holders (meaning levered players) they get relief, which then allows the analysts to come out of their pillboxes (they long ago abandoned foxholes because the white phosphorous shelling burns to holy heck!) to recommend their wares.

Then you come in the next day and Europe is up and we get reliquified worldwide. Suddenly, hope springs eternal. And it is just as crowded on the way up as it was on the way down.

Next thing you know, we are back in a world where earnings matter, because it is earnings season, and we live happily ever after.

For a couple of days.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.