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Cramer: Spotting gems amid the market rubble

Jim Cramer teaches investors how to find the best bargains hidden in the rubble of the averages. Time to go bargain hunting!

The Dow (Dow Jones Global Indexes: .DJI) plunged triple digits on Tuesday as investors worried about a slowing economy, the strong dollar and an imminent interest rate raise by the Fed . Basically, to Jim Cramer, it felt like everything went wrong.

"What's good for the stock goose isn't necessarily good for the stock gander. Not everything can be bad all at once!" the "Mad Money" host said.

With that said, Cramer tore apart the remaining market rubble to see where the hidden bargains can be found.

The first element that weighed down the averages on Tuesday was the fast growing strength of the dollar. And while many view this trend as being negative for all companies, Cramer does not agree.

"I personally believe that the euro has bottomed and the dollar has peaked," he added. (Tweet This)

Though Cramer may think that the euro could be headed higher, he took a look at what industries have done the best when the greenback is strong.

Historically, the international stocks have been pounded while many domestic companies perform fabulously. The retailers, restaurants and healthcare businesses are among the leaders that tend to gains strength with a strong dollar.

So, why the heck did these groups get hammered on Tuesday? In Cramer's perspective, it is because occasional investors want to bet against negative events occurring and sell S&P 500 (INDEX: .SPX) futures. It's an easier, faster and cleaner method that doesn't require selling individual stocks.

The second large trend that occurred was that as the dollar gained strength, interest rates went down. But that doesn't mean death to all stocks! Cramer recommended that investors to bank on stocks that pay good dividends, as they tend to thrive in a low-interest-rate environment. That includes consumer packaged goods, real estate investment trusts and utilities.

And yes, the market received commentary from Fed Vice Chairman Stanley Fischer stating that rates will go up, but will not go up a lot when they do and that we should not worry.

"I think the market had already priced in Fischer's comments in advance. In other words, the market anticipated the rate hike and we still haven't had it," Cramer added.

Thus, the "Mad Money" host warned not to sell the high-yielding stocks. They have been going downhill for so long, that they could represent an opportunity to buy.

Another trend that stuck out to Cramer was the oil patch. It was under immense pressure on Tuesday, and Cramer suspects that this was the group that set a dark cloud over the entire market. Oil stocks have become strong winners lately, but the strong dollar and news that Iraq will increase oil production put a dent in the price of crude.

But again, just because oil was clubbed doesn't mean the entire market should be. There are plenty of stocks that rally from lower oil and gas prices, such as the restaurant, retail and airliners.

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Next up is the fear that the Fed will tighten soon and raise interest rates, which will slow the economy. That means it is time to take a look at the recession-resistant group of healthcare stocks.

"I want to be crystal clear: I think it would be a mistake to raise rates here. Our economy is getting weaker, not stronger. You don't raise rates when your economy is already decelerating," Cramer added.

And while there were plenty of negative rumors in the market that could be true, Cramer wanted investors to realize that even if these are legitimate worries-there are still stocks that are worth buying.

That will become evident when those with a clear head start picking through the rubble and finding the bargain stocks at the end of the week.

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