This column was originally published on RealMoney on Oct. 27 at 1:26 p.m. EDT. It's being republished as a bonus for readers.

LGQ, bad case of LGQ.

Don't know the disease? It happens at the end of every cyclical expansion. It's when everybody says that every blowout quarter from the cyclicals, the Phelps Dodges ( PD), the Caterpillars ( CAT), the Black & Deckers ( BDK), is the Last Good Quarter, and you might as well forget what the companies say, 'cause it ain't gonna happen.

Take the homebuilders. Is there anything they can possibly say that would counteract these thoughts? These stocks can't lift their heads to save their lives.

Or even the oils and minerals. Nobody trusts them, nobody.

Meanwhile, cellar-dwellers like the banks, which have given up even trying to tell a good story, are now bottoming.

What's really happening?

You are seeing the leadership change. At the risk of driving everyone to Amazon ( AMZN) or just driving everyone crazy, we are now over the top, on the way down in the cycle -- page 115 of Jim Cramer's Real Money: Sane Investing in an Insane World , for readers.

That means you have to sell the strength of the cyclicals when you get it -- and it will be a rarity -- and buy the slowdown stocks. Period.

That doesn't mean, by the way, that the cyclicals are finished. They are making too much money to be "finished." They can buy back stock, recapitalize, pay big dividends and do tons of things to call attention to themselves.

But it does mean that you are now fighting that cyclical headwind that I spend page after page discussing in my book.

This is the market for Procter & Gamble ( PG), for Colgate ( CL), for Kimberly ( KMB), for Unilever ( UN) and for Altria ( MO). It is the market for the biotechs -- it used to be for pharma, but now it is only British pharma, Schering-Plough ( SGP) and Wyeth ( WYE). It is the market for Coke ( KO) and Pepsi ( PEP) and General Mills ( GIS), which, even though it isn't even doing that well, has long since bottomed.

People always overstay their welcomes at this point -- I know that I always do. I keep hoping that the company I hold will do the breakup/special dividend thing. And sure enough, one of them -- Anglo American ( AAUK), in my ActionAlertsPLUS portfolio -- just did, and it is most gratifying.

But in general, these are all trades now.

The one exception will be high-growth tech, and that's a tough call because you need to be worried about the consumer and the corporation, particularly with telecom.

I continue to believe that big-screen televisions -- Corning ( GLW), good quarter -- cell phones and video games work. I continue to believe that fast Internet is the way of the future -- check out Blinkx TV if you want to see the future, and the reason you can't own cable anymore, or TiVo ( TIVO), for that matter. I believe that if you are a telco, you either have to spend to compete with cable and the Web, a la Verizon ( VZ) and SBC ( SBC), or you just give up and be like BellSouth ( BLS). The Verizon/SBC vision keeps me in the Broadcoms ( BRCM) and the Qualcomms ( QCOM) and the Texas Instruments ( TXN) and maybe the Intels ( INTC). It also, though, has the side effect of keeping me in Lucent ( LU), which has become a huge drag.

Anyway, cheer up! When you're in this leg of the market, you are only a few months from being able to own the financials! That despised group is cheap and basing. I see $2 down, $10 up for them, here we come!

Except the $2 down comes first.

P.S. from Editor-in-Chief, Dave Morrow:
It's always been my opinion that it pays to have more -- not fewer -- expert market views and analyses when you're making investing or trading decisions. That's why I recommend you take advantage of our free trial offer to RealMoney premium Web site, where you'll get in-depth commentary and money-making strategies from over 50 Wall Street pros, including Jim Cramer. Take my advice -- try it now.
At the time of publication, Cramer was long Procter & Gamble, Altria, General Mills, Anglo American, Qualcomm, Intel and Lucent.

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. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for ActionAlertsPLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." Cramer appreciates your feedback and invites you to send him an email by clicking here.