You don't own a share of stock. Some of the hotter portions of the
are finally getting clipped, ex-
. Do you put some money to work here in the highfliers? Or do you buy the beaten down drug and food stocks? Take advantage of the big decline in the financials? Or pick away at the hottest of the hots?
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I'd go for the highfliers that are getting their wings clipped. Take
. It is going down because of woes at
. A point or two lower and I become a buyer to augment my existing position. But if I didn't own anything, this price break, caused by the problems of competitors that it is taking to the cleaners, I'd probably plunge. And I certainly would use a price break to get into the
Red Hots or the
The simple truth is that this part of the market isn't going to quit that easily. And until you start seeing the mutual funds, the big monster funds -- not the tech funds -- own these Red Hots and B2Bers, they are going to go higher, not lower. Which is why these opportunities have to be taken. Especially if you don't own any of them.
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James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long 3Com, Intel, Oracle and Microsoft. Cramer's fund also may be long or short certain stocks in his B2B rotisserie league or Red Hot index. 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