Jim Cramer sees an intense love affair with value stocks. Unfortunately, growth stocks have been kicked to the curb as part of a vicious stock rotation, and it could be just beginning.
"What is incredible is that it doesn't even seem to matter how bad the deep cyclicals are or how good the growth stocks are. They are going to go in divergent directions when they report," the "Mad Money" host said.
When Southwestern Energy reported, Cramer didn't see anything he liked from the company. Yet, it seems to have survived the downturn in the price of natural gas fairly well, better than Cramer would have thought a few months ago. Investors agreed, and the stock rose 15 percent Friday.
The action in Southwestern instantly triggered everything around it, ranging from natural gas to oil master limited partnerships.
"I think that at this pace, with oil up again … we are going to start seeing takeovers of both oil and gas companies before their stocks get away," Cramer said.