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[Ulisses Pereira]

"Wait Out Selling of Momentum Names"

By Jim Cramer
RealMoney.com Columnist
2/12/2007 10:41 AM EST

"They are crushing the momentum stocks, just pancaking them. Whether it be Google (GOOG - commentary - Cramer's Take - Rating) or any of the exchange stocks or the real estate investment trust names, it's being slashed viciously.

We have periodic high-growth squalls but they are usually about interest rates going up. This time I see behind the selling a sense that it has been too much, too fast. Of course, with momentum names what happens is that after a couple of days (or weeks) of downturns, you get everyone focusing on the broken technicals.

Real estate investment trusts -- courtesy of the ridiculous bidding war for Equity Office (EOP - commentary - Cramer's Take - Rating) and the great rent raises we have seen for office properties -- got so far ahead of themselves, they ceased to be yield plays, which was their long-time role. They instead became pure momentum plays.

The exchanges are all about raising fees, by the way; so is MasterCard (MA - commentary - Cramer's Take). The word is that those fee increases are now over.

Google? There's an endless sense that its rate of change is slowing. Going from 99% growth to 33% growth is simply a no-no.

One of the reasons I like only a couple of these names at a time is because when one gets crushed, they all get crushed. Momentum names are a sector unto themselves, just like speculative stocks.

I can't tell when the selling is over because the stocks are so richly valued that no value guys will move in yet.

But there are plenty of non-momentum growth funds that will step in at a certain point.

They probably won't step in this week, though, because we are in a rough moment for the market, with many of these stocks up way too much without the support of the regular growth guys.

Let the shakeout continue without you. And watch for the immune names -- those tech stocks and traditional growth names such as Procter & Gamble (PG - commentary - Cramer's Take - Rating), Colgate (CL - commentary - Cramer's Take - Rating), Kellogg (K - commentary - Cramer's Take - Rating) and Anheuser-Busch (BUD - commentary - Cramer's Take - Rating) that have already been beaten up -- to shine. "

(in www.realmoney.com)