If you think the Federal Reserve is definitely going to raise interest rates in December, you had better be ready for a super spike in the dollar.

The move we are seeing today in the greenback is searing, and I have bad news for those who think it is good (and I am at CNBC's Republican presidential debate, where many people think it is good): The big international stocks can get crushed here as most of their earnings projections included a stable dollar, not a skyrocketing one.

I don't know, for example, whether Procter & Gamble (PG) - Get Report deserves to be up after its lesser quarter. To me, a strong dollar can really put a hurt on the stock. The same goes for Kimberly-Clark (KMB) - Get Report , although I like its stock very much.

Also, I am less certain about some of the big internationals, particularly the techs, where there's so much riding on the dollar no longer climbing.

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This is a sea change -- as much as a sea change can be -- for the banks, which are soaring on the possibility of a hike. Remember, the bank most levered to higher rates is Bank of America (BAC) - Get Report , which is why that stock is breaking out and I think can go much higher if the December scenario does indeed play out.

Editor's Note: This article was originally published at 3:19 p.m. EDT on Real Money on Oct. 28.

At the time of publication, Cramer's Action Alerts PLUS had a position in BAC.