A day after Monday's modest rally, the market is back on the downside because of concern circling Thursday's Federal Reserve meeting, said Aaron Task on Jim Cramer's "RealMoney" radio show Tuesday. Task, co-executive editor of TheStreet.com, is filling in for Cramer this week.

This down market is the environment players have been in since early May, Task said, referring to the June 6 radio show, when Cramer advised listeners how to maneuver in this type of marketplace.

The market doesn't want to rally, because when it rallies, people panic and come in and sell, Cramer had said.

Panic is like a falling knife, he had said. If people try to catch it, they will get cut. Therefore, Cramer had advised people to wait until the knife hit -- at least until the end of the day to avoid being butchered.

"Don't cash in all your companies that are doing well," Cramer had said.

Cramer also had recommended staying diversified, saying that a diversified portfolio was the only prescription for staying in the game. And while it wouldn't entirely take away the pain, diversity would lessen it.

Don't panic and leave the game, Cramer had emphasized.

It certainly has been a choppy, down, volatile market since early May, Task said.

Since May, there has been a discussion surrounding the market about whether there has been a change in leadership on Wall Street, he said.

For the past five years, Task said, small-cap and mid-cap stocks have dominated, with better growth and stronger valuations than larger-cap stocks.

But in the second quarter, that started to change -- or at least there is a perception of change out there, he said, as this is the first time large-cap stocks have outperformed in several years.

To see the most recent edition of The RealMoney Radio Recap in its entirety, please click here. This recap is published every day around 3 p.m. ET.

Aaron L. Task is the co-executive editor of TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships.

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