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Why Jim Cramer's Keeping an Eye on 'Down and Out' Retail Stocks

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Jim Cramer's paying close attention to "down and out" retail.

But why's he thinking about these retailers--which includes Real Money's stock of the Day Macy's  (M) - Get Macy's Inc Report?

Well, Matthew Boss, J.P. Morgan's retail analyst--and someone Cramer admires--made some calls on retailers. 

But first, who is Boss?

"If you don't know Boss, he does a ton of fieldwork to find out how retailers are doing. His work is coming up with some pretty shocking results. He's saying that his work shows that a number of store chains could have better-than-expected earnings, including some that will be shockingly better," wrote Cramer in his Real Money column Monday afternoon. 

"He says that 76% of companies across his universe of department store and specialty softlines should meet or beat expectations, with stores like Macy's (M), Kohl's (KSS) and most important, Nordstrom (JWN), which has been a huge underperformer that he now thinks can have a very strong quarter," continued Cramer.

"I think retail is a great place to be," said Cramer on TheStreet's Daily Live show Wednesday morning. 

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