The Drugs Are Downright Dull

Usually, December is a hot month for this sector -- but not this year.
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You can knock these drug stocks over with a feather.

Schering-Plough

(SGP)

had been cooing with gas at the end of the week. It has given it all back.

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Message Boards.

Bristol

(BMY) - Get Report

, my fave, is getting the stuffings knocked out of it.

Pfizer

(PFE) - Get Report

, once a darling, is now a dowager, willing to issue more shares in a single bound. And

Glaxo

(GLX)

, which had been jumping last week, has led the U.K. down all day.

What an incredible turnabout! These stocks used to lead December. Everybody used to get in them for end-of-the-year drug approvals and to show that they were where the action is.

Now it is where the action isn't.

I don't own any drug stocks right now. That's incredible in itself. (I do have some

Lilly

(LLY) - Get Report

calls, but they aren't working.) Here is a part of the

S&P

that is going to shrink over the years.

When I take calls from people (either at

Fox & Friends

or in chats) I get the sense that everybody is still long these. That makes no sense. They are dead in the water, and will rally only on takeover news. They have no momentum and they remain in the crosshairs of the government. I just don't think you can be there.

Random musings:

If you bought the stocks

Henry Blodget

pushed on our

Fox News Channel

show at the opening this morning, you just made a huge chunk of money if you take them off the table right now. This is amazing in itself because usually the top trade on a stock after it gets mentioned on TV is the first trade. That's not how it works with our show. Congratulations to everybody who listened and acted on our show. You should be watchers for life! What a hit.

Those of you who email me telling me that I have helped make them more money than

Abelson

, thanks. But tell him, not me! I am trying to get some work done for you!

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