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NEW YORK (TheStreet) -- This magical market seems great at pulling a rabbit out of its hat on a daily basis, Jim Cramer told his Mad Money viewers Thursday. But until there's finally a resolution in Greece, investors shouldn't expect the entire market to be able to rally.
Today's magic trick was the U.S. Supreme Court upholding Obamacare, news that was a boon for stocks like HCA Holdings (HCA) and Tenet Healthcare (THC), both of which were up huge on the day. More patients with the ability to pay creates instant wealth for the entire health care market, as did Valeant Pharmaceuticals' (VRX) bid for Zoetis (ZTS).
But outside of health care, the markets were not that strong as all eyes remained on the increasing hostilities between Germany and Greece. Greece simply has nothing to lose at this stage of the negotiation. Either Germany offers up a sizable bailout or Greece defaults and pays back its debts in its own, much less valuable, currency.
If a deal is reached, the euro will soar, sending our international stocks higher. On the other hand, if Greece defaults, the earnings estimates for the international companies will need to be cut, sending their stocks sharply lower.
Cramer said his views on Greece may be bleak but he just doesn't see a way for the markets to sustain a rally, without a resolution one way or another.
What to Expect Next Month
As we look ahead to the beginning of next month's earnings season, what should investors be expecting? Cramer laid out some of the things he'll be awaiting.
It's interesting to note that despite the headlines a lot of things went right for the stock market in the second quarter. Health care, financials and information technology were the biggest gainers, while oil prices recovered handily and even interest rates were able to rise 2.4%.
That last note means that the financials should see improving net interest margins on their deposits, making Wells Fargo (WFC), a stock Cramer owns for his charitable trust, Action Alerts PLUS, along with JPMorgan Chase (JPM) and Morgan Stanley (MS) a buy.
Competition is heating up in the pizza wars, with Domino's Pizza (DPZ), Papa John's (PZZA) and Papa Murphy's (FRSH) all vying for your business. But with shares of Domino's up 54% for the year, Papa John's up 79% and Papa Murphy's up 128%, which one is the best investment?
The key metric in the pizza business is same-store sales, and among the three Domino's is the clear winner, with not only the strongest but also accelerating sales at its 11,700 locations.
As for the stocks, it just so happens that Domino's is also the cheapest of the three, Cramer said, trading at 28 times earnings, while Papa John's trades at 31 times and Papa Murphy's at 33 times earnings.
Cramer said he can't make a case for owning either of the others and is sticking with Domino's and its CEO Patrick Doyle. That stock is up nearly 1,000% since he first got behind the company's turnaround efforts five and a half years ago.
Executive Decision: Justin Gover
For his "Executive Decision" segment, Cramer sat down with Justin Gover, CEO of GW Pharmaceuticals (GWPH), the biotech that's studying the medicinal uses of marijuana, with a stock that's up 91% so far in 2015.
Gover explained that GW is pursuing real science, using the marijuana plant as a source for real medications that can treat everything from epilepsy to diabetes and even cancer. None of GW's end products contain THC, the chemical in marijuana that makes you high, Gover continued.
GW's first product, Sativex, is currently in four Phase III trials to treat a drug-resistant form of epilepsy. Gover said those trials will offer important insights into how well Sativex is working when they complete in early 2016.
GW is also making an investment in America, as the British-based firm is building the infrastructure needed to do more clinical work here in the United States. Even Gover himself will be relocating to the U.S. shortly, he noted.
Cramer was bearish on Keurig Green Mountain (GMCR), Las Vegas Sands (LVS), Outerwall (OUTR), XOMA (XOMA), Navios Maritime (NM), Southwest Airlines (LUV), International Business Machines (IBM), Ebix (EBIX) and Pfizer (PFE).
No Huddle Offense
In his "No Huddle Offense" segment, Cramer said if he learned one thing from the Bed Bath & Beyond (BBBY) quarter, it's that there are simply too many retailers and too much competition in the retail space.
Cramer said he's always been a fan of Bed Bath and has shopped there for years. But if there was a newly remodeled Target (TGT) close by, he'd probably shop there, or just order what he needs from Amazon.com (AMZN) or another retailer.
Customer loyalty is waning, he said, and it's only going to get tougher for retailers. Some stores, like Home Depot (HD), can overcome the trend. Others, like Bed Bath, are only going to see their customers continue to shop wherever is most convenient, which may or may not be at Bed Bath & Beyond.
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