What a rotation.
In a normal world, it would make zero sense that Amazon.com, Inc. (AMZN - Get Report) is down $31 per share or 2.6% after a record Cyber Monday, while old-school retailers like Macy's (M - Get Report) and Target (TGT - Get Report) climb 9% and Kohl's (KSS - Get Report) jumps 5%.
But those retailers are the ones that win in the new tax bill, should it gain approval, TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.
From a tax perspective, Amazon doesn't win like domestic-oriented physical retailers do, he reasoned. In fact, seemingly every domestic operator should be seeing a boost on this tax-plan rally.
That's why tech, which has so much international mix, is seeing pressure, Cramer explained. It's a heavy day of selling for tech, but it's not because there is anything wrong with the sector necessarily. It's just a giant rotation.
"You've got a rotation of the likes I haven't seen in ages," Cramer said, pointing out weakness in other winners like Visa (V - Get Report) and MasterCard (MA - Get Report) , which are each down 3.9% Wednesday. Banks are soaring, too.
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For perspective, the Nasdaq is down 1.33% on the day while the Russell 2000 enjoys a 40 basis-point rally. Those playing the rally better hope the tax plan goes though. If not, it will be a painful unwind, concluded Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.
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