The parabolic moves of stocks such as Plug Power and FuelCell Energy have the stock market exhibiting "top behavior," CNBC's Jim Cramer said Wednesday.
Cramer said he has tracked the fuel cells stocks since his days as a hedge fund manager. Runups in Freddie Mac and Fannie Mae also had him worried.
Those stocks saw huge losses during Tuesday's trading after sharp increases in share prices, with Plug Power reaching an all-time high of $11.72 on Tuesday, up from 15 cents last April. Fannie Mae and Freddie Mac—the mortgage lenders taken under government control during the financial crisis—also saw big declines that continued into Wednesday morning.
If those stocks can cool off and return the market to normal, then regular investors should remain unharmed, Cramer said on "Squawk on the Street."
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"They weren't worth a dollar just a few weeks ago, and that's the parabolic move that marks a top," Cramer said. "And I don't want to see a top. I'd obviously like to see regular stocks come back to the fore. ... I've been looking at those stocks for a decade and all they know how to do is lose money."
Cramer was expanding on a theme he broached Tuesday evening on "" that the moves downward in fast-growing stocks such as Plug would mean good news for the rest of the market.
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"When fevered behavior goes away and we return to making money the slow methodical way, then the market is a safer, more rational place," Cramer said.
—By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street."