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Tuesday's big market rally demonstrates why people should stay in the game and take advantage of buying opportunities, Jim Cramer told viewers of his "Mad Money" TV show.

"This rally gives us a week worth of good," he said. "We should be higher than we are now a week from today." However, he said the volatile market will swing back and forth, much like it did in the 1990s.

Cramer said short-term investors can make some money in this "treacherous and horrible" market. But he reminded investors not to buy into hope because the market hasn't bottomed yet.

Today's rally was the result of the market being dramatically oversold, he explained. He also said the market received a big lift from good news from such companies as

Corning

(GLW) - Get Report

,

Wal-Mart

(WMT) - Get Report

and

Goldman Sachs

(GS) - Get Report

, which he owns for his charitable trust,

Action Alerts PLUS.

Cramer said he didn't hear anything today which makes him think the forces that lowered the market before won't come back after the market has recovered a bit. He believes stocks will go higher until the market gets overbought.

For now, Wal-Mart's good numbers means that retail gets to win a bit. Cramer said people know he likes

Target

(TGT) - Get Report

,

Kohl's

(KSS) - Get Report

and

Costco

(COST) - Get Report

.

In addition,

GameStop

(GME) - Get Report

should do well and

J.C. Penney

(JCP) - Get Report

, which reports Thursday, could pop, he said.

Sears

(SHLD)

, which Cramer owns Action Alerts PLUS, and is the "worst-in-show," could also go higher.

Moreover,

Apple

(AAPL) - Get Report

,

Research In Motion

(RIMM)

and

Google

(GOOG) - Get Report

are all good, Cramer added.

Concerning the financials, Goldman Sachs "is going much, much higher," he said. But people should consider selling the brokerages and banks that haven't been working into the lift tomorrow.

"If you think the rally is fake, stay defensive," Cramer said. Either way, the market is still volatile, so be cautious.

Biotech Back in Vogue

During the 1990 market meltdown, high-growth biotechs worked, especially

Amgen

(AMGN) - Get Report

, Cramer told viewers.

Now, after this five-day rally, these same stocks should come back in vogue and three biotech stocks stand out, he said.

The "more conservative" pair he likes is

Genentech

(DNA)

and

Celgene

(CELG) - Get Report

. "When the rally ends next week these should be the men standing," he said, noting investors should scale into these stocks, which he likes for 2008.

Celgene and Genentech both have drugs that seem to have promising advances in the pipeline, he said. Celgene's Revlimid drug, which treats blood cancer, holds promise for increased label expansion next year, he said.

Celgene, Cramer said, is a stock investors should consider buying before the American Society of Hematology's annual meeting in December. He said the stock should go higher because it has a 42% long-term growth rate although its last quarter wasn't so hot.

Genentech, he continued, has several successful drugs, including its "miracle cancer drug" Avastin that could be approved for other uses. The catalyst here is a meeting the

Food and Drug Administration's

Oncologic Drugs Advisory Committee will have on Dec. 5 to discuss Avastin. The meeting, Cramer believes, should bring great news.

Of the two, he prefers Celgene with Genentech a close runner-up.

Turn On Onyx

Cramer's favorite biotech and the one he feels is the Amgen of 2008 is

Onyx Pharmaceuticals

(ONXX)

, a stock which hit its 52-week high on Nov. 7.

Its main drug, Nexavar, is used as an anticancer therapy and is "amazing," he said. Similar to Revlimid and Avastin, Nexavar is seeing label expansion and being used off-label to treat liver cancer. This, Cramer said, was a big part of why Onyx's last quarter was so "phenomenal."

While Onyx has the growth, it is riskier than Celgene or Genentech, which are bigger, more established and more profitable, he warned. Cramer recommended Celgene and Genentech for the more cautious.

Sudden Death

During the "Sudden Death" round, Cramer was bullish on

Marvel Entertainment

(MVL)

,

Marshall & Ilsley

(MI)

and

First Solar

(FSLR) - Get Report

.

He was bearish on

Panera Bread

(PNRA)

and

Yingli Green Energy

(YGE)

.

Mad Mail

In his "Mad Mail" segment, Cramer told an emailer he's increasingly concerned about

PepsiCo

(PEP) - Get Report

because of the higher cost of raw materials.

Coca-Cola

(KO) - Get Report

came out and said their raw costs have peaked, meanwhile Pepsi wasn't able to say that, he said. Regardless, Cramer said he still considers Pepsi a good company.

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Lightning Round

Cramer was bullish on

NYSE

(NYX)

,

Brocade Communications

(BRCD)

,

AT&T

(T) - Get Report

,

Verizon

(VZ) - Get Report

,

ValueClick

(VCLK)

,

Ultra Petroleum

(UPL)

,

Apache

(APA) - Get Report

,

XTO Energy

(XTO)

,

Google

(GOOG) - Get Report

,

Dolby Laboratories

(DLB) - Get Report

,

Integrys Energy

(TEG)

,

Consolidated Edison

(ED) - Get Report

and

Exelon

(EXC) - Get Report

.

Cramer was bearish on

Nasdaq Stock Market

I:IXIC

and

NeuStar

(NSR)

.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.

For more of Cramer's insights during the Lightning Round, click here

.

At the time of publication, Cramer was long Sears, Goldman Sachs, NYSE Euronext and XTO Energy.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.