Cramer: Stockholders are suffering from FOBS—fear of big sellers

Stockowners have been hit with a new syndrome and it's causing U.S. major markets to descend after a strong start to 2019, CNBC's Jim Cramer said Wednesday.

In Wednesday's session the Dow Jones Industrial Average lost about 133 points, the S&P 500 declined 0.65 percent, and the tech-heavy Nasdaq fell less than 1 percent. The Dow Jones and S&P recorded their sixth negative closes in seven, while the Nasdaq had its fourth in five. "Managing money in this kind of environment is a little like going hiking with your friends and then getting attacked by a bear. You don't need to outrun the bear to get away unscathed, you just need to outrun your friends," Cramer said."The market's run up so much over the past couple of months that there are plenty of money managers [who] simply want to take profits. Big profits they've got them, and they don't want those big gains to go away.

The stock fell 4.7 percent after the call and nearly 8 percent Wednesday. Earlier in the day, Cramer, who has faith in Culp, said the conference call was"really sobering."

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