Do I see people creeping back into the

P&Gs

(PG) - Get Report

, betting that the worst is over? That makes sense to me. You figure that first P&G announces bad news and then

Dial

(DL) - Get Report

, who is next?

And when the answer is no one, people then creep back into the group. I know we are doing it in

Bestfoods

(BFO) - Get Report

; we think it has been tarnished too heavily.

(Be careful, there is a monster seller out there and we are legging in slowly. When I say monster I mean bigger than anybody reading this cyber-journal.)

Of course, there are still big sellers out there as some people want to show they have nothing to do with this group, but if you have some favorites that haven't blown up, they probably won't.

I had my eye on

Colgate-Palmolive

(CL) - Get Report

because it bought back a ton of stock and seems like it is OK, but I didn't pull the trigger. C'est la vie.

As for P&G itself? How much bad can there be? After it reports this quarter, we will probably take a hard look at buying the name.

This rosy view does not extend to tobacco. Those attorneys general don't take bankruptcy counsel for nothing. They really fear this upcoming Florida verdict. So I do too.

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