Google ( GOOG) remains in "nosebleed territory" and its insertion into the S&P 500 is probably just a short-term positive, Jim Cramer said on CNBC's "Stop Trading!" segment Wednesday.

Google trades at 60 times projected earnings with a growth rate of 30%, and "I don't like paying more than twice the growth rate," said Cramer. The situation is reminiscent of Yahoo! ( YHOO), which rallied powerfully when it was added to the S&P 500 in 1999. "That was the absolute top and you had to bang out of Yahoo! like there was no tomorrow," Cramer said.

As for Yahoo! now, Cramer said it has perked up on a recent upgrade after spending time as a "house of pain virtually every day." Cramer said the stock is "totally coattailing off of Google" but at least isn't like Apple ( AAPL), which seems like "the end of the world every day."

Cramer was also bullish on Rackable Systems ( RACK), which he compared to Dell ( DELL) because of its build-to-order model.
At the time of publication, Cramer was long Yahoo!.

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