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"Can Biotech Bail Us Out?"

By Jim Cramer
RealMoney.com Columnist
4/11/2007 6:00 PM EDT

"The saving grace of this market tomorrow could be biotech. We know how hot money gravitates from high-multiple group to high-multiple group, depending on earnings' whimsy.


Well, we got a good number from Genentech (DNA - commentary - Cramer's Take - Rating) tonight -- admittedly preannounced -- while we got a bad number from Research In Motion (RIMM - commentary - Cramer's Take - Rating).

It is entirely possible that the hot money goes out of tech and into biotech, which has the added advantage of not having nearly as high a multiple as tech, especially given the shrinkage of the P/E's that biotech has undergone.

I don't like the market. I am vocal about that. I am in league with my colleague Doug Kass that we are in a precarious moment.

But I know there's always money to burn in every market, and the guys who like to burn money are these high-risk/high-reward players.

They might take their money out of tech -- something I have been proclaiming should happen for a month now, and has been, away from sporadic and stupid upgrades -- and go with DNA and Celgene (CELG - commentary - Cramer's Take - Rating) and Genzyme (GENZ - commentary - Cramer's Take - Rating).

It's a hope; I don't like the tape, but the money will go somewhere. At least it has a place to go! "

(in www.realmoney.com)