Going Euro

The trader is picking up some European telecom bargains. Best of all, these stocks are down for technical reasons.
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We are picking up some European telecom bargains as fund managers sell the big stalwarts to make room for a giant block of

Vodafone

(VOD) - Get Report

. This kind of stuff really happens.

I am seeing it happen in

Sonera

(SNRA)

, which I believe is getting sold to raise cash for Vodafone. Same foes for

Ericsson

(ERICY)

.

When big blocks of stock get priced, not everyone is sitting around with billions in cash to put to work. There is real triage going on. It is an opportunity to buy names we like that are down for technical not fundamental reasons.

Random musings

: A mention in

The Wall Street Journal

today that people are putting out shorts in the semis seems very misleading. I haven't seen much shorting at all. How do I know it? It is like pornography. I know it when I see it. I haven't seen it.

Net tastes great; less filling.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Ericsson and Sonera. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.