CNBC's Jim Cramer said Thursday that he was wary of chasing after the rotation into stocks that would benefit from a quick reopening of the economy, such as travel names.
"I'm afraid to go all in on this reopen trade since it's already had a pretty big run, but there's still some catch-ups," Cramer said on "Squawk on the Street."
Some of the stocks most beaten down during the coronavirus sell-off have ripped higher over the past week, including airline and cruise stocks. Banks have rebounded as well, with the KBW Bank Index gaining more than 20% since May 13. Meanwhile, the tech-heavy Nasdaq index, which has bounced back from March lows to be positive for the year, began Thursday's session only slightly above its close from May 20.
However, Cramer said that shift may have already run its course.
"The opening trade is sapping the money out of tech. I don't know how much longer it can last ... I look at this market and I think how long, with the Dow up 4%, can we actually say 'hey, the reopening trade is just starting,'" Cramer said.
One thing that may weigh on the large tech stocks and keep the trend going is the potential for regulation, Cramer said. President Donald Trump is expected to sign an executive order on Thursday that would direct the Federal Communications Commission to tighten its oversight of online publishers after Twitter added fact-checking labels to some of his tweets.
"It's already maybe too far, too fast. It's very hard to figure, particular because FANG is being distorted by the president's tweets, Facebook being lumped in with Twitter," Cramer said.
The "Mad Money" host said he recommends a "barbell" approach to investing during this market environment so that one's holdings are not concentrated in reopening stocks.