After the bears caused some serious damage to the averages last week, Jim Cramer decided to go picking among the market rubble looking for gem stocks ready to be bought. To find those stocks, he took a close look at last week's 52-week low list.
"This list is all about the horrendous decline in oil that we got a brief reprieve from today. But I don't expect this reprieve to last, and the weakness here will take on mammoth proportions if crude takes out the $43 market where it bounced twice this year," the "Mad Money" host said.
In fact, Cramer thought the best opportunity out there could be to use the strength of the oil bounce to lighten up your portfolio from oil names that made the 52-week low list. After all, those stocks made that list for a good reason.
But that doesn't mean there are no stocks worth looking at on the list.
And even as some moves seem like they will be on the downside, Cramer found a few opportunities. Mainly, he thinks that these stocks are unlikely to be on the low list a year from now.