Let's bury the oil and gas stocks while we are busy writing off sectors. Here's another sector that has been hit with the ugly stick. It's like somebody sends out a bulletin to big portfolio managers saying "Sell your ExxonMobil (XOM) - Get Report and buy Veritas Software (VRTS) - Get Report," or "Ditch your Schlumberger (SLB) - Get Report and buy Vignette (VIGN) ."

When the mutual fund managers get it in their heads to get out of a sector, they really lay the thing to waste. When it happens, the technicians out there sense the breakdowns and more people bolt.

Join the discussion on

TSC

Message Boards. Finally, only the

S&P

funds seem to be long it, and now that the S&P funds are underperforming

NDX

funds, even these guys are liquidating.

In the process, we go to extreme levels of valuation. But given the antitrust activity out there, no one can buy anybody and consolidate any more than they already have.

At a certain point, it becomes very self-fulfilling. I won't touch the oil and gas stocks because nobody else will.

And they go still lower.

Such is the way of this market at the turn of the century!

Random musings: This

Philip Morris

(MO) - Get Report

is getting pretty nauseating. The only class-action suit that hasn't been filed yet is by shareholders suing management for not telling us about the legal risks. Hey, I am a lawyer. Not too late to get to that honey pot, is it?

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