Running for the Smokestacks

Have you seen the holders of

McKesson

(MCK) - Get Report

, the stock that split without shareholder authorization? It is a

Who's Who

of the momentum/growth funds.

These guys tend to get scared by something like McKesson -- no kidding -- scared to the point where they question everything. So you see whole MCK high-growth sectors of the market selling off.

At the same time, the cyclical love affair continues. Which would you rather own: a company worth billions selling for billions or a company worth millions selling for billions? Which would you rather own: a company with a teenage P/E based on low expectations or a company with a teenage P/E based on newly lowered earnings? Or one with high growth that turns out to be negative growth?

It is not just the love affair with the

Alcoas

, it is the newfound hate affair with the MCK that is causing the switch today. Do not underestimate the power of an MCK to shake the core foundations of growth investors.

It happened with

Cendant

(CD)

, too. People would rather hide in a grimy smokestack than be found outright in an automated hospital records room.

The pain -- and the rotation that is going with -- could last through to options expiration.

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 the stocks mentioned, although holdings can 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

letters@thestreet.com.