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NEW YORK (
TheStreet) -- "This market favored greed today," Jim Cramer told the viewers of his
"Mad Money" TV show Tuesday.
He said the bears were betting on a Greek default, but now that the doom-and- gloom scenario is off the table, the markets ushered in two new sets of buyers, hungry for quick profits.
Cramer explained that the first group of buyers saw the decline in oil prices, and used those prices as a reason to buy any company that uses oil. Following that logic, users of other commodities like cotton and corn also rallied, as did consumer stocks, high-growth retailers and even the restaurant stocks. All the markets needed was a little good news and the buyers swarmed in.
Cramer said that's why stocks like
Lululemon Athletica(LULU) hit a 52-week high today, as Lulu not only benefits from lower commodity prices, but also has pricing power to raise prices on its goods at the same time.
Also in rally mode, accessory maker
Chipotle Mexican Grill(CMG),
Polo-Ralph Lauren(RL) and
Cramer said the second group of buyers in today's market were honing in on the industrial stocks, figuring that without a European collapse, these stocks, some of which are down 15% to 20% from their highs, would once again fall into favor. And they did. Cramer said the shorts in these stocks left the field as the buyers swarmed in.