Pediatrix has already had its sell-off, with shares falling from a high of $70 a share to just $48 a share today. Cramer gave Pediatrix a target of $62 a share, or a 28% gain of today’s levels. Next, Cramer warned that there will be more pain coming for his favorite sector, natural gas. He told investors that if they can’t handle a 5% to 10% sell-off in the group, they may want to scale back now and buy some back at lower levels. Cramer warned that there will be more pain coming for his favorite sector, natural gas. He told investors that if they can’t handle a 5% to 10% sell-off in the group, they may want to scale back now and buy some back at lower levels. Cramer recommended Spectra Energy (SE) as a smaller natural gas play they may not be as volatile as some of the bigger stocks he’s recommended previously. Spectra is a natural gas transmission company that helps get natural gas where it needs to go. With over $3B worth of projects in the works, Spectra is in a strong position. “Coal is so out of favor due to its emissions,” he said, “and natural gas is the logical alternative.” Spectra sports a $600M stock buyback program and a 3.5% dividend yield. He pegged the stock at $32.84 a share for a 17% gain, if its P/E multiple comes up to the industry average. “Wall of Shame” list of the worst CEOs: (Removed) James Keyes, CEO of Blockbuster (BBI) as he is “doing the right thing for his shareholders” by walking away from the bid to acquire Circuit City (CC), says Cramer. (Added) Founder and CEO of Yahoo! (YHOO), Jerry Yang. “This man has treated this company as his own,” he said, calling Yang “truly shameful.” SUDDEN DEATH: (Bullish) SCHW; FRO. (Bearish) SFL. LIGHTNING ROUND: (Bullish) HSC; VVC; SFG; ENI; CPL. (Bearish) RIO; GR; SWKS; VLO; HS.

Fast Money position recap

- First Moves: Guy recommends long CELG, Tim likes TTM, Pete likes ZRAN, Karen likes PM. Adami Owns (AGU), (BTU), (C), (GS), (ITNC), (MSFT), (NUE); Finerman Owns (GS); Finerman’s Firm Owns (SUN), (TSO), (VLO), (MSFT), (PM); Finerman’s Firm Owns SPX Index Puts; Finerman’s Firm And Finerman Own (C) And (C) Leaps; Finerman’s Firm Owns (GE) And (GE) Puts; Finerman’s Firm Is Short (XME) And Owns (XME) Puts; Finerman’s Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Najarian Owns (AAPL), (CHK), (HPQ), (TSO), (XLF); Najarian Owns (MER) Puts; Najarian Owns (SLB) Calls, (WM) Calls, (YHOO) Calls, (ZRAN) Calls ;Seymour Owns (AAPL), (F), (MER), (MSFT), (TSO); Seygem Asset Management Owns (EEM), (TTM).

Yesterday there was a massive rotation out of the strongest sectors in the market namely coal, steel, miners. There was a mass exodus for the exits as bearish news of lower coal prices and possible lower demand metrics coming out of the shippers, China, and US Utilities caused an across the board drop in these names. The technical damage was severe and could mark a temp top for these names as they consolidate and possibly trail lower and technically follow the same path as the fertilizer plays. Just like the fertilizer plays the fundamentals are still sound but the appetite for risk has been dampened and all equity exposure is being lowered. These types of events happen where any strength in the market is a reason to take profits and lower exposure. These names are also widely owned by momentum funds and traders and volatility should be expected. We were in a bear market that had strong sectors overly outperforming the market, now we are getting a convergence of that trade and we could be in a bear market without or with even a smaller pool of strong sectors outperforming going forward. Time will tell. Until we see some market stabilization and a second rally wave with strong volume, the momentum is still to the downside and the higher probability plays will be to short rallies until a true bottom is formed. What is going on with the market right now is the story of thin illiquid trading that accentuates market moves, it just happens to be in a negative environment. The problem lies in not having any buyers to counterbalance the waves of selling. The waves of selling is mostly from the rebalancing of portfolios from all investors, hedge fund redemptions and risk aversion to equities due to the weak macro environment. The market is looking 6 months out and it does not like what it foresees. The Paulson comments made it very nervous and darkened its outlook as the dark cloud above it keeps following it like Charlie Brown. Have focus, have patience, pick plays with a high probability of success. Plan the trade and trade the plan. Great Luck and Great trading. Enjoy your 4th of July celebrations!