Charting the Sea Change in Blue-Chips

Coke and Gillette used to matter. Now they don't. That's one dynamic bull, the trader writes.
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Two years ago last summer,

Coke

(KO) - Get Report

and

Gillette

(G) - Get Report

delivered a one-two shortfall punch that knocked the whole market for a loop. The warnings, coming in the space of a week, shook the whole market by its roots and sent the SPX spiraling down.

Now these same two stocks have hit the bull again with a one-two punch (same order, even!!), but it feels more like a

World Wrestling Federation

sucker swipe than something delivered by a

Don King

client. Thud, thud and then, well, nothing. Not even a six count for the market itself. Heck, no canvas, even!!!

I can't help myself. I find this sea change to be amazing. In two years we redefined bellwether and rewrote what we think of as blue-chips. That Gillette and Coke could just cease to be important to the market shows you how inventive and dynamic this bull is. Remember, these are

Warren Buffett

stocks. That's like saying they can do no wrong, even when they do wrong! That's the Good Housekeeping/Underwriters Laboratories/Consumer Reports seal of approval you are messing with when you sell these companies.

Last night I got an email from some guy -- let's call him Kurt, 'cause that's his name -- saying he was sick of reading about my bullish epiphanies.

To that I say, when this market stops having bullish epiphanies like the dismissal of Gillette and Coke as stocks that matter, I will stop writing about them.

Enough said.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund had no positions in stocks mentioned in this column, though positions can 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 by sending an email to

letters@thestreet.com.