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NEW YORK (TheStreet) -- About a quarter of the market bottomed today, Jim Cramer told his Mad Money viewers Tuesday, but everything else will continue to tread water until there's a resolution in Greece.
Is a Greek bailout deal in the works? Cramer pegged the odds at 50-50, but reiterated that Greece only represents an economic risk and not a systemic one, as the European Central Bank's Mario Draghi has been doing an excellent job of preparing for the worst-case scenarios.
As for that quarter of the market that has bottomed, Cramer said the biotechs began to roar to life today, just as he predicted, with Celgene (CELG) - Get Celgene Corporation Report, Gilead Sciences (GILD) - Get Gilead Sciences, Inc. (GILD) Report and Regeneron (REGN) - Get Regeneron Pharmaceuticals, Inc. Report all strong on the day. Cramer's speculative biotechs from last night, Receptos (RCPT) , Alder Biopharmaceuticals (ALDR) - Get Alder Biopharmaceuticals, Inc. Report and Radius Health (RDUS) - Get Radius Health Inc Report, were also up sharply.
And don't forget the oil patch, an area that Cramer said is still ripe for takeover deals. He was also bullish on some of the momentum stocks including Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report, Tesla Motors (TSLA) - Get Tesla Inc Report and Fitbit (FIT) - Get Fitbit, Inc. Class A Report, which was up 14.8%.
Investors who stay negative on the markets miss out on some amazing opportunities, Cramer told his viewers. Just because Europe remains in the doldrums doesn't mean CEOs aren't working hard every day to take control of their destinies and bring out value for their shareholders.
Then there's Treehouse Brands (THS) - Get TreeHouse Foods, Inc. Report, up 9% on its most recent acquisition, and the Willis Group (WSH) and Towers Watson (TW) - Get Tradeweb Markets, Inc. Class A Reportmerger for close to $9 billion.
These are just a few of the many deals currently happening, Cramer concluded, and you'd miss all of them if you fled the markets in fear of Greece.
Know Your IPO
In his "Know Your IPO" segment, Cramer recapped a few of last week's most notable new issues while warning investors that the recent uptick in initial public offerings is worrisome. More supply with the same level of demand always yields lower prices overall.
First on the list was Alarm.com (ALRM) - Get Alarm.com Holdings, Inc. Report, the connected home company that is actually profitable with 2.3 million paying subscribers. Cramer said he's a fan of this company and would be a buyer.
Not so with Seres Therapeutics (MCRB) - Get Seres Therapeutics Inc Report, which soared 186% on its first day of trading. Cramer said while this company's drugs are promising, they're also a year away from even Phase II data, making this stock too risky, at least for now.
Cramer was also not a fan of Green Plains Partners (GPP) - Get Green Plains Partners LP Report, an ethanol pipeline master limited partnership. He said the MLPs are out of favor at the moment, as is ethanol in the wake of lower oil and gas prices. Cramer also panned AppFolio (APPF) - Get AppFolio Inc Class A Report, small cloud software company that, while intriguing, was not worth the investment.
Continuing with his look into last week's deluge of IPOs, Cramer opined on Glaukos Group (GKOS) - Get Glaukos Corp Report, a company offering microscopic devices to aid in eye surgeries. Cramer said this company has impressive technology but it's also far from profitable, which makes it not for him.
Cramer was equally bearish on Milacron Holdings (MCRN) - Get Milacron Holdings Corp. Report, an provider of products and services in the industrial plastics market. This company went bankrupt in 2009 and emerged with an ugly balance sheet, declining sales and negative cash flows. Also not a win in Cramer's book.
Then there's the curious case of TransUnion (TRU) - Get TransUnion Report, the credit reporting agency that has been flip-flopped among several private equity firms, raising its valuation from $1 billion to $4.1 billion seemingly overnight. This company, too, has an ugly balance sheet wit loads of high-interest debt and, you guessed it, is not profitable. TransUnion's private equity backers made out on this IPO but you decidedly won't, Cramer concluded.
In the Lightning Round, Cramer was bullish on Lennar (LEN) - Get Lennar Corporation Class A Report, Platform Specialty Products (PAH) - Get Element Solutions, Inc. Report, UnitedHealth Group (UNH) - Get UnitedHealth Group Incorporated Report and Halliburton (HAL) - Get Halliburton Company (HAL) Report.
Off the Charts
In the "Off The Charts" segment, Cramer went head to head with colleague Carolyn Boroden over the direction of the markets in the wake of yesterday's selloff.
Regular viewers will recall that Boroden correctly predicted a few weeks ago that a market correction was imminent, and so far she's been dead right. She continues to feel the markets are in a vulnerable position given the Greek uncertainties.
That said, Boroden noted that the S&P 500 fell below a key level of support at 2,067 and that level is now a ceiling it must fight to cross back above.
Most smaller S&P corrections tend to be between 79 and 86 points, Boroden noted, with this correction coming in at 78 points lower thus far. She saw the index's next key support levels between 2048 and 2054 and a second level between 2021 and 2027.
Cramer agreed with Boroden that this is a difficult period for the markets and he continues to urge caution.
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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.