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.
First up was Alcoa, which has been a one-way ticket down ever since China collapsed. However, the company has made some shrewd acquisitions that indicate to Cramer it could be more of an aerospace play than commodity play.
"If you think Warren Buffett is smart to acquire Precision Castparts, you should buy Alcoa," Cramer said.
Next up was the big semiconductor equipment maker Applied Materials. Cramer suggested it could spin off its solar division, and the value isn't reflected at these levels currently.
Third was the power producer Entergy, which Cramer thinks is a great place to get started with such low interest rates.
Another well-run company that has been buying back stock aggressively is Loews, the insurance oil, gas and hotel conglomerate. According to Cramer's calculations, the book value is $51 and right now the stock is just under $39.
The next opportunity is the natural gas pipeline play Spectra Energy, with a 5 percent yield. Given the fact that the company is bringing cheap Marcellus and Utica shale gas to the gas starved Northeast, Cramer refused to be negative on this one.
Read more from Mad Money with Jim Cramer
The sixth opportunity is Exxon, and Cramer will not tell investors to buy it now. But he does think it will go a lot lower.
"I will tell you that Exxon is the most conservative oil and gas company out there, so if its yield, which currently stands at 3.8 percent, ultimately climbs to the 5 percent level, I might tell you to buy it with your eyes shut," Cramer said.
Finally, there was Procter & Gamble. Yes, its products are too expensive and it has been getting its butt kicked. And yes, it's going in the wrong direction versus Unilever. However, Cramer would be willing to believe that the new CEO can fix the company and get its old growth back once the yield hits 4 percent. It's simply not that bad of a company to say no to if it falls to $70.
So while there opportunities may be hard to find, there are a few still out there on the 52-week low list.
"There are some worthwhile opportunities among the beaten up losers of this market, provided you have patience, which, except for big days like today, is in very short supply," Cramer said.