NEW YORK (TheStreet) -- On CNBC's "Cramer's Stop Trading" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, says enough is enough: The momentum stocks have to bottom out.
He pointed to Duetsche Bank's reiteration of its buy rating on Solar City (SCTY). The analyst says the move from $88 to $60 is too drastic.
The stocks need to hold at current levels, he stressed, adding that investors need to see a short-term bottom in the momentum stocks.
Otherwise, this selloff could "be the beginning of the end of the huge Nasdaq run that is really based on exciting technologies" rather than cheap stocks, he said.
Since these companies will not report earnings anytime soon, Cramer said there are few catalysts to help on the upside. Regardless, the bulls need to make a stand and hold these levels, he concluded.
-- Written by Bret Kenwell in Petoskey, Mich.