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Jim Cramer: How to Approach Bargain Shopping in the Stock Market

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Jim Cramer weighs in on bargain shopping in the stock market. 

He wrote about bargain stocks in his morning column on Real Money. 

Cramer implemented a Fantasy Football strategy into his stock picking. 

"Time to search the waiver wire. That's fantasy football talk about trying to pick up some bargains, players not signed by other teams that have turned out to be interesting prospects. It's a time-honored tradition, especially in a game where wide receivers get banged up pretty regularly, and as you can see from your screen, that's been the case both in the NFL and in stocks since this season began. Let's go hunting for some new wide-outs to augment your line-up because of the carnage," wrote Cramer in his morning column.

He broke down what he meant on TheStreet's Facebook Live show Wednesday morning. 

"What you have to do is you actually have to look at some tried and true rules," said Cramer. "You want stocks that are down between five and eight percent that beat the quarter. And the quarter was reported recently enough so you know, that's the case. And that raised forecasts that are now well below where that happened. That's the formula of what to pick."

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