Publish date:

Abby Drops a Bomb

Goldman's guru Abby Joseph Cohen issues an equities downgrade.
Author:

Whoa, Abby Joseph must be reading my

take-it-off-the-table series!

Goldman's

(GS) - Get Report

Cohen cut equities exposure today and said that it is time to take money out of tech and put it into banks. This big-time guru's call will have traction and we are trying to get in shape for it. We think that the impact might be large -- especially because many people have been trying to keep this market up for the end of the quarter.

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This equity downgrade, made because the

S&P

has run so much, could kibosh that.

Be glad you have something off the table. The table will be sloppy today.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Goldman Sachs. 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.