Go back to 1994. Almost immediately after the relief rally following the May 1994 Big Bad Event -- today is the anniversary of that hike, as my youngest would tell you because she was born that day -- we started realizing the Fed wasn't pleased. In fact, they began to leak stories that their tightenings were only partly done. On top of that came the earnings slowdown in the cyclicals that started showing up in June of that year. The following stocks became too dangerous to own: Georgia-Pacific (GP) , Dupont (DD) - Get Report, Dow Chemical (DOW) - Get Report, Phelps Dodge (PD) - Get Report and U.S. Steel (X) - Get Report.

But, more important than any of that chatter was the bottoming of the drugs/beverage/soft goods/foods stocks. These stocks, which at that time dominated the

S&P

, took the market up for the rest of the year. That was where you had to be. They became the leaders from here.

These stocks have definitely put in a bottom now.

Campbell Soup

(CPB) - Get Report

reported a horrid number, gave terrible guidance, got slammed by every firm that follows it -- and it is down less than two bucks. It should be down five. But people want in.

Random musings:

Six years ago I screwed up

by talking business on the day my daughter was born. I won't make the same mistake today. I am beating it out of here in midafternoon to get to the party. No cellphone either!

Oh, interesting head's up on the

Peter Lynch

-front. I did most of her present-hunting at

Limited Too

(owned by

Limited

(LTD)

, which had great stuff, but was expensive. And where does she want to go for a dinner of her choice?

Applebee's

(APPB)

! Good branding!

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.