Those Ailing Aisles

The Procter & Gamble news is a license to downgrade everything you buy in the supermarket, Cramer fears.
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It sure would help if oil weren't up another 35 cents after this

Procter & Gamble

(PG) - Get Report

news. Surprised that P&G is down 28 points? I wouldn't be. This was the conference call from hell. Analysts' heads were spinning. I can't believe they took so long to downgrade the darn thing.

Not only that, but look at what the reaper has wrought away from P&G. We shorted some

Coke

(KO) - Get Report

on the P&G situation but covered it when the market brought that one down. But anybody who packages anything from cereal to soft drinks is similarly vulnerable.

The tough thing about all of this is that it will only accentuate the rush to the

Nasdaq

! P&G was not cheap.

Colgate

(CL) - Get Report

is not cheap.

Kimberly

(KMB) - Get Report

is not cheap.

Bristol

(BMY) - Get Report

is not cheap.

McDonald's

(MCD) - Get Report

is not cheap.

All of these companies were driven up during the great

S&P

index boom. That's who owns these things in spades. And they don't know how to sell.

Unlikely that they will get much new money in, either. Sorry I can't be more sanguine, but my head is reeling from that P&G call.

It was a license to downgrade everything you buy in the supermarket.

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.