Cramer calls blistering rally in chip stocks 'worrisome.' How he's protecting his portfolio

jim cramer says the blistering rally in chip stocks is "worrisome." the philadelphia semiconductor index (sox) surged for 18 straight sessions — its longest win streak ever — jumping more than 47% before pulling back monday. even with that dip, the index is up 37% in april. cramer noted if the month ends here, it would be the second-best month in the index's history, trailing only february 2000, just before the dot-com bubble burst. goldman sachs analysts said the sox traded about 50% above its 200-day moving average, its most extended level since 2000. morgan stanley flagged semiconductors as among the most overbought in history. cramer pointed to names like advanced micro devices, arista networks, and marvell technology, which have surged 50% or more since late march. he cited poet technologies as an example of how quickly sentiment can turn — the stock plunged monday after a key customer canceled purchase orders. cramer said he's trimming positions in big winners from his charitable trust and avoiding chasing parabolic moves. "trim some winners…don't chase the parabolic stuff…and let's wait to see if we have a more benign pullback," he said.