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Something changed this week. The bulls lost a bunch of their best friends, perhaps just temporarily, to the bearish cause.


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all got badly hit and the Net traded badly, as well. The hangover seems to weigh on the market as I write.

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In fact, the entire


has lost some spunk. To pretend that it hasn't is to be oblivious to the obvious. We can't tell whether something fundamental is at work here, for instance that January was a slower month or that demand has taken some sort of a downturn. It could be, quite simply, that the stocks ran in anticipation of greatness and things simply weren't that great. Or it might be that the market likes some other areas and is taking a breather from tech. Whatever.

For us, again, banks and drugs seem like they have less risk and equal reward to tech momentarily. We can't fight this fatigue in tech for now.

So we're keeping our core technology stocks but cutting back on the peripheral plays and making sure that new money goes to the banks, not to techland.

James J. Cramer is manager of a hedge fund and co-founder of 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