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Cramer: FANG is bad, here’s why

While many investors have praised it, the growth in Facebook, Amazon, Netflix and Google stocks points to a very dire market condition, CNBC's Jim Cramer said Monday.

"FANG is bad. It's masking everything. When you have these stocks that are up 100 points, what it says is there's nothing else to buy," Cramer said on "Squawk on the Street.".

Cramer made his remarks ahead of the release of Facebook's quarterly results, which is scheduled for Wednesday after the bell. Amazon, Netflix and Google all posted results that handily beat Wall Street's expectations.

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"We've got four stocks that are growing. Interestingly enough, none of those stocks depend on China," Cramer added.

Chinese stocks plunged on Monday, with the Shanghai composite index dropped 8.48 percent.

Disclosure: Cramer's trust owned Facebook and Google shares when this article was published.