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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), Gilead Sciences (GILD) and Regeneron (REGN) all strong on the day. Cramer's speculative biotechs from last night, Receptos (RCPT), Alder Biopharmaceuticals (ALDR) and Radius Health (RDUS), 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), Tesla Motors (TSLA) and Fitbit (FIT), 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.
Case in point: Pentair (PNR), which rose 6.6% on the news that activist investor Nelson Peltz is giving the company a push to make an acquisition and spur some growth.
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.