On Thursday the S&P 500 posted its biggest daily decline since November 2011 as investors fled the market in droves, spooked by commentary from the Fed made earlier in the week.
The Dow Jones industrial average fell 353 points or 2.33 percent, to 14,758, while the S&P 500 fell 40 points or 2.49 percent to 1,588.
Although a bloodbath is nothing new on Wall Street, the aftermath of this nasty drubbing may be unlike anything investors have seen in quite some time.
For the past several years, after a sharp decline, the first stocks to attract buyers had been high-yielding defensive stocks -- what Jim Cramer calls bond-equivalent stocks. That is consumer packaged goods, health care stocks, telephone companies, REITs, and the utilities.
But with the Federal Reserve suggesting that it's bond buying program could begin to taper off as soon as the end of this year, higher interest rates are now squarely on the table. And that makes these bond alternatives far less attractive.
"All of these high-yielders have new found competition from bonds that are much lower risk," Cramer said .
Instead, Cramer thinks a whole other class of stocks will come to the rescue and drive the next leg of the bull. They are financials, tech and industrials. "Historically, these are all sectors that have done better as interest rates move higher," Cramer said.