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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.