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In the daily struggle to figure out what's driving the market, Jim Cramer told viewers of his "Mad Money" TV show Thursday that the fundamentals of the world economy and hedge fund industry are the two forces pushing stocks down.
While the global economic situation is unfolding, Cramer focused on the hedge fund industry as an opportunity in the making. He said hedge-fund selling is occurring at a record pace, with $43 billion in redemptions alone in September.
With that gigantic amount of selling pressure, Cramer said the market is littered with broken stocks, but not necessarily broken companies.
Cramer noted consumer products maker
(KMB - Get Report)
as an example of a broken stock that deserves to be higher.
The company's products are not economically sensitive, but since the company is part of the S&P500, its stock price has plummeted, pushing its dividend yield to very attractive levels.
With Kimberly's stock higher today on an upgrade from
, Cramer recommended waiting on a pullback before pulling the trigger.
"Never pay the market price, let the stock come to you," he told viewers. He recommended buying incrementally on weakness and taking advantage of the dividend yield while the market is determining its bottom.
Cramer: Know When to Cut Your Losses
One on One With Boone Pickens
In a special interview, Cramer welcomed legendary oil and gas tycoon Boone Pickens to the show to discuss his campaign promoting energy independence for America.
Pickens said he doesn't understand why his plan, which calls for a $1.2 trillion investment to convert 20% of the country's energy supply to wind power and the use of natural gas as a bridge fuel, is not gaining more traction with the presidential candidates. "They just don't get it in Washington," he said.