Risk Returns With a Vengeance - TheStreet

Thar's risk in them thar stocks! For a couple of weeks we had a pretty benign environment, as tech stock after tech stock seemed to indicate that things were just fine.

But this morning

Harmonic

(HLIT) - Get Report

dropped 17 over some slowing in orders and

Citrix

(CTXS) - Get Report

blew up. The next thing you know, the

Nazzdogs

are getting hit like the old days. Citrix, even though it was down a huge percentage last week, turned out to be more loved than we thought. We were under the impression that a lot of the high-growth funds had already bolted from this one-time darling. Wrong!

What a cruel reminder of the days when stocks went down 10 and 12 points at a clip and the only good news was a cancelled secondary.

We are scanning for opportunities and are finding them in the same old haunts: optical, storage and wireless names that are down. We are not being aggressive.

On days like today we are reminded that it is a lot easier to make money in

Pepsi

(PEP) - Get Report

-- thanks

Barron's

-- than it is in tech. And you can sleep at night, too!

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