Tell me these biotechs aren't the canaries in the coal mine? Tell me they don't give you a heads-up that the oxygen has gotten too thin and it's time to go to the surface?

Fast.

These stocks have to be owned by the worst holders in the world. They are the most margined, speculative stocks, the ones that are the first to let people know that not all is well.

They are like the hot potato that keeps getting tossed from one bad hand to another, ultimately ending ... down huge.

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Remember, these stocks never recovered enough last week to get their owners whole. They are ripe for the margin clerks' picking, which is why I expect still more carnage later today in this volatile (meaning declining) group.

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.