Still Too Hot in the Kitchen

Cramer reflects on the ugliness of the day, and his thoughts return to the Holland Diner grill.
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Growth stocks as a group often trade together. If you see the drugs work, then you can take the foods. If you see health care working, you can take the waste stocks. And when tech works, you can buy drugs or foods.

Now, however, it looks like the competition within growth stocks has gotten too great. I see people selling their drug stocks to buy other new growth stocks, like

Yahoo!

(YHOO)

and

America Online

(AOL)

. There simply don't seem to be enough assets to go around to buoy both

Pfizer

(PFE) - Get Report

and

Broadcast.com

(BCST)

.

I can't hide from you that I have discomfort when the drugs are down. I love it when the drugs and the banks are up, and today both groups are getting clocked. I also don't like

Ron Insana's

almost defensive nature of asking whether a down-100 day means anything. I always get great comfort when the press guys make too much of a down-100 day. Now they are not making enough of it, given that -- excluding

GM

(GM) - Get Report

and

Alcoa

(AA) - Get Report

-- we have one ugly day.

Today, I am feeling skeptical about this advance. Not enough working for me, and the stuff that is working is doing too much. It seems that everybody is short these tertiary Net names and is now reeling them in at horrible prices. I am still thinking about that

Holland Diner

grill.

Still too hot for me.

James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. At the time of publication, his fund was long Yahoo! and America Online, though positions 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 by sending a letter to TheStreet.com.