Ahh, that nasty dichotomy is back with us. These S&P funds and these value guys get a good day, and then the redemptions start all over again. They just take a day off and then whack 'em right upside the head again.

Redemptions. Tell me about it. I have had them. They are frightening things to behold. Not only can you not buy your favorites, you have to sell them. You puke every time you open the mail. But when I look at the

Investors Business Daily Mutual Fund Index

, which is up 20% this year as it is chockablock full of go-go funds, I have to wonder whether we aren't going to see this kind of selling after every S&P rally.

That said, I think that if the

TheStreet Recommends

Nasdaq

touches 5000 Tuesday, we will bring out some program-selling of the Nasdaq names. To which I say, that will be a gift, because any time these stocks come down, there will be more money put to work in them.

Either way, I have no fear that the disease of the S&P will spread into the Nasdaq. Because the reason why the SPX is going down is people abandoning S&P Index and S&P Index mirror funds for those kinds of funds that are winning in the IBD poll.

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.