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NEW YORK (TheStreet) -- Leadership is a wonderful thing, Jim Cramer said on Mad Money Tuesday. Cramer said investors may have already missed the bottom but there are still plenty of opportunities left to come.
There have been many sectors that have not been participating in the market's rally, Cramer continued, including the high-growth tech names, retail, the airlines and most of all, biotech. All of these sectors have been left for dead, he noted -- until today.
Netflix (NFLX) spurred the high-growth tech names today as that high-multiple stock with no earnings proved that its model works internationally, sending shares up 7% on the day, and taking others like Yelp (YELP) and Zillow (Z) along for the ride.
A takeover bid for Allergan (AGN) was enough to spark the biotech and health care sectors into action, Cramer noted. Many of these high-fliers now seem undervalued.
The retail sector also turned positive today on an upgrade of Home Depot (HD), which sent those shares up a quick 2%. The airlines also ended in the green, thanks to continued weakness in crude oil.
Cramer said the markets are still full of skeptics and critics who will panic at the drop of a hat. But when the markets take their next pause, that will certainly be the time to buy into these new market leaders.
Allergan vs. Valeant
"I'm a big fan of mergers and acquisitions," Cramer told viewers -- but not the recently announced planned hostile takeover of Allergan by Valeant Pharmaceuticals (VRX) for $45 billion.
Cramer said he's long been a fan of Allergan and CEO David Pyott. The company has a brilliant strategy and is becoming a powerhouse in everything from eye care and obesity to migraines and incontinence treatments.
When the analysts feared generic competition to Allergan's eye care treatments last year, Pyott told Mad Money viewers not to worry. Turns out the analysts were dead wrong, which is why Allergan shares more than doubled since then and were up 28% so far this year, before today's announcement.
So why not support the Valeant takeover? Cramer said Valeant needs to make acquisitions in order to keep growing, and if this deal goes through Allergan will likely end up like many of Valeant's other takeovers -- a shell of its former self.