Too Hot on the Net. Again.

Cramer's nipping at the drugs again.
Publish date:

The Net got too hot again. Stuff like



. Stuff like

Sovereign Bank


. Stuff like

North Fork Bank


. What the heck? Even the Net players recoiled.

For me, time to pick up some bargains in the drugs, which are being tossed for


(AA) - Get Report

, and some banks, which reversed radically. I also am nibbling at some Old Net -- can you imagine that term? -- and selling my

cyclicals, which have already gotten extended in one day.

Is today an important day? Oh, please go back to my

fulcrum day piece two weeks ago. There are no fulcrums. This was a day when the Net went nuts, too nuts, and it scared everybody. In a bull market you get these wild and crazy selloffs. They are painful. They are vicious.

To me they are like trees being pruned. Seems brutal. Got to do it if you want things to keep growing.

James J. Cramer is manager of a hedge fund and co-founder of 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 an email to