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Did your mutual fund have a tough week? Did you give up what you made at the beginning of the year in your fund? If you did, I think it is time to consider making some changes. It's no secret that the tech world is a mess, and that most tech stocks are not merely well below their highs of last year, but well below their pre-Internet mania lows. You know me; I want to be underweighted in tech. Who the heck needs it? I am not worried about that train pulling out of the station without me. I am worried about that train crashing.

I want you to examine the pricing of your mutual fund this week and make a determination whether you can handle another year of pain. I usually invest in a two-year time frame with mutuals -- in other words, I give the manager a chance for longer than a year. I think that you can waive that longevity principle when it comes to funds that are massively owning tech.

I would be willing to give someone who is not concentrated in tech two years. But I believe that those who are totally focused on tech, those who just gave up 15% to 20%, don't deserve a lot of your money. I recognize that there is a place for tech within a fund, and a place for tech stocks within a portfolio. I do worry, however, that increasingly we will be hearing about redemptions from these kinds of funds, which will then trigger wholesale selling in the names that are owned.

At that point it becomes a vicious circle, where no one wants to buy the tech stocks that some momentum fund owns because that fund has to liquidate to meet redemptions, which causes more pressure on the stocks themselves. This is a concern of mine with



, for example, a stock I recommended after it got hit off of the newly revised guidance. A caller on my radio show the other day mentioned that he felt Nokia could be under pressure because it is a big holding of

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and Janus is underperforming as a fund family. I don't want to take a chance that these funds get into the kind of negative spiral that the dot-com funds got into last year. Take a little off the table next week into what I expect will be a short-covering rally and redeploy it into some of the areas where the risk isn't nearly as great and the reward is somewhat greater.

Random musings:

Don't forget to call into

my radio show tonight at 5 p.m. with questions about the market.

James J. Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, 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 investment advice or recommendations, he invites you to send comments on his column to