Do you know how long it took

Bristol-Myers

(BMY) - Get Report

to get to 80? Do you know how little time it seems to be taking on the way to 40?

This unwinding of the great drug stock move that began in the latter portion of the 20th century shows no signs of ending just yet. This morning's news about Taxol, disappointing as it was, would not be worth this kind of decline in another market, the market we were in for the past 20 years.

But the game has changed. These stocks are now reviled, and any negative news takes them down hard. With a price-to-earnings multiple of 25, maybe somebody gets interested, but I find that without a cessation of rate rises, I don't want to be there.

In some ways the action in Bristol-Myers, which is such an intense bellwether of the noncontroversial growth stocks, is

TheStreet Recommends

extremely

disappointing for the market because it indicates that the

Fed

is nowhere near slowing the economy. Why does such a decline say that? Because if the Fed were playing havoc with the economy, people would be buying BMY betting on a recession. It always outperforms in a recession.

So, in other words, no buying opportunity.

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.