Abbott Labs

(ABT) - Get Report

,

Schering-Plough

(SGP)

,

Pfizer

(PFE) - Get Report

,

Merck

(MRK) - Get Report

,

Bristol-Myers

, all of these stocks have just been hammered.

Yet, all of them have big cash flow, great balance sheets and ample opportunity to work their way back up -- especially if the dollar would stop appreciating.

Johnson & Johnson's

(JNJ) - Get Report

a smart financial company. It is making a terrific statement -- or so it would seem -- with this

Alza

(AZA)

buy. More important, this is an important sign that the listed stocks, the big behemoths, think the stocks in their cohorts have come down enough to do deals.

If we are to get this rally to continue, you have to have more Alza-JNJ combos. I think that it is entirely possible because these companies can make synergies happen and have every desire to wring out profitability regardless of the economic environment.

Traditionally, you don't want to own drug stocks at this point in the cycle. They are too "defensive." But as this money pours out of tech funds, the "sisters of growth," mostly the drug stocks, have been drubbed, too. This JNJ-Alza combination is exactly the antidote that traditional nontech growth stocks can deliver to those mutual funds that would sell their stocks rather than selling

Brocade

(BRCD)

, or

Cisco Systems

(CSCO) - Get Report

or

Qlogic

(QLGC)

or

PMC Sierra

(PMCS)

.

It is why you have to

buy

the nontech stocks that get sold by these bleeding mutual funds, even as you pare back from the tech that has no traction. It is also why you have to sell the "pseudo-growth funds" that are really tech funds with a couple of drug stocks thrown in.

Random musings

: We have heard you,

RealMoney

subscribers, and we are no longer going to allow most of my stuff to go free after 24 hours. For a year we have allowed my stuff to go over to free the next day, but many of you have said that it cheapens the value of a subscription to

RealMoney

. From now on, unless a story is one of a handful that is slugged Smarter Money, which usually contain mutual fund advice, you will see my stuff only on

RealMoney

. People who are reading this on the free site, who have gotten used to waiting 24 hours to read me, you will be out of luck unless you subscribe to RealMoney. This is a big change and we urge you to click below and sign up for RealMoney because you will only see less than a half-dozen pieces from me from now on. That's all the Smarter Money pieces I intend to write a week. Beginning next week, I wouldn't even bother to have this piece be free, because it has more about stocks than mutual funds in it.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to

jjcletters@thestreet.com.