The euro to the rescue? Now, that's an unlikely place to look for relief. It's up significantly since last week. There have been so many people betting against the euro and against companies that get paid in euros -- notably the techs, drugs and the foods -- that these stocks have gotten hurt because of the weakness. Even just last weekend Alan Abelson highlighted the problems of a weakened euro in Barron's.

The short-sellers prey on stuff like this, and you can bet that they will cover their shorts on these stocks if the euro stays strong for a few days. As you know, we are playing for singles at

Cramer Berkowitz

. The possibility of a little rally based on euro strength (witness the rally to north of 50 in

Nokia

(NOK) - Get Report

this morning off the currency alone) seems worth pursuing. We will go after precisely the stocks that the shorts are targeting. They seem like the best snap-back candidates.

(You can find that list in the stocks that Barron's suggests will get hit by the weak euro; they include some stocks we are already long, such as

Cisco

(CSCO) - Get Report

,

Sun

(SUNW) - Get Report

,

Philip Morris

(MO) - Get Report

,

Schlumberger

(SLB) - Get Report

and

Sara Lee

(SLE)

-- plus, some stocks we are examining including

Noble Drilling

(NE) - Get Report

and

Global Marine

(GLM)

.)

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Nokia, Schlumberger, Cisco, Sun Microsystems, Philip Morris and Sara Lee. 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.