The stock market is starting to feel like April 2000, when the Federal Reserve's rate tightening campaign wiped out everything but consumer-goods shares, Jim Cramer said on CNBC's "Stop Trading!" segment Wednesday.

Cramer said he liked Kellogg ( K), Kimberly Clark ( KMB) and Colgate ( CL), while stocks like Phelps Dodge ( PD) and Centex ( CTX) are starting to feel "dot-comish."

"The sense is that the Fed is going to wreck the economy and the only thing safe is the supermarket," Cramer said. "There's a sense that the Fed's going to win, and they're not going to stop until GDP growth is down to 1%."

Regarding tech's strength Wednesday, Cramer said the market was taking its cue from Qualcomm ( QCOM) and Texas Instruments ( TXN), but he urged caution because "notebooks may be slowing and PCs are definitely slowing."

Cramer praised Cephalon ( CEPH), Genentech ( DNA) and Amgen ( AMGN), saying the victory earlier for Biogen's ( BIIB) Tysabri was the fuel biotech needed.
At the time of publication, Cramer was long Cephalon.

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