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June 21, 2013  Fri 8:14 AM CT

JNJ: SEE CHART GET CHAIN FIND STRATEGIES
Huge sellers in the marketplace blasting out futures. That's how you get a sudden drop like yesterday's.

Do you buy it?

Remember, at this juncture, there is no "it." You have to buy beaten-down industrials that just reported good numbers or tech companies that have told you all is a OK or, best of all, regional banks that will be re-pricing depositors' CDs.

The issue is that we are all used to buying the foods and drugs and utilities on weakness, and they aren't working.

TheStreet.com logoLet me give you an example: I want to own Johnson & Johnson right here, but there's nothing new at JNJ. The dividend yield is not superb compared with the "new" bond yields. The earnings don't have a lot of momentum but, at the same time, the company isn't going to break itself up, given how well it is doing. So you have to pass.

Or take PVH. Literally a week ago, they told you that things are much better than expected. But the stock was at $111 when we got the good news, and it is still 10 points above that. Do you want to come in up 10? I don't, not with a consumer-products story.

It was a nasty day. And today might be nasty for many stocks. But we know that the texts say you have to do some buying of some stocks after a big second down day, because a third of this market is trying to bottom. To me, it is the industrial/tech/bank portion.

Disclosures: Cramer's charitable trust has no positions in the stocks mentioned.

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