Portfolio managers want the S&P without those slow-growing cereal companies. They want the S&P without those boring plain-paper, newsprint and tissue-paper stocks. They want the S&P without the bank, brokerage, savings-and-loan and insurance stocks that get hurt so badly from a rise in short-term rates. They want an S&P that doesn't have exposure to the defense budget or the problems at Boeing (BA) - Get Report.

They want an S&P that doesn't have those drug stocks that the government keeps picking on, or those managed-care, nursing-home and acute health care companies that the regulators keep smashing. They want an S&P sans those building-material, automotive and housing stocks that are sensitive to the

Fed

chairman's rate vigilance. They want an S&P without exposure to coppers, steels, irons, aluminums and other materials that do poorly when the Fed hikes dramatically. They want an S&P that has no exposure to the transports and the chemicals, which are hurt by higher oil and gas costs, but they want an S&P that has no exposure to the oil and gas stocks themselves because the price of crude is unsustainable.

In other words, they want the

Nasdaq

.

Random musings:

Just filled out the

brokerage survey. Couldn't resist. Too easy, too much fun. You can keep the T-shirt. I have a dozen of them.

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.