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NEW YORK (TheStreet) -- You're never out of the woods when you own stocks, but every once and awhile, you can enjoy a sunny meadow, Jim Cramer told his Mad Money viewers Tuesday. The market staged its largest midday reversal since 2011, closing up over 217 points on the Dow Jones Industrial Average.
Cramer said the markets won't really get moving again until the Greece debacle is in the rearview mirror, but in the short term, investors are fed up with Europe and are looking for bargains in U.S. stocks.
That's why the restaurants and retail stocks started heading higher, he noted, with Costco (COST) up 3.4%, Ulta Salon (ULTA - Get Report) up 1.4% and even Wal-Mart (WMT - Get Report) looks like it's trying to find a bottom.
With gas prices falling and interest rates on the decline, the housing stocks are back on the move, and even the consumer packaged goods names are back in favor now that they yield over 3%.
Not everything was able to stage a rally, however. Cramer noted the health care and semiconductor stocks are cooling, as are the cult stocks like Tesla Motors (TSLA - Get Report), down 4.2%, and Shake Shack (SHAK - Get Report), falling 7.2%.
As for that mythical deal to end the Greek crisis... Cramer said he's not holding his breath.
Executive Decision: Mark Dankberg
For his "Executive Decision" segment, Cramer spoke with Mark Dankberg, chairman and CEO of ViaSat (VSAT - Get Report), a company providing high-speed wifi in the air to the likes of JetBlue (JBLU - Get Report) and most recently, Virgin America (VA). Shares of ViaSat are lower by 6% so far in 2015.
Dankberg said consumer expectations are rising when it comes to having WiFi on their flights. Before it was enough just to have the service but now consumers want the same level of service they have on the ground, and that means having the bandwidth available to support video-on-demand services like Netflix (NFLX - Get Report).
ViaSat is taking a high-end approach with its technology, targeting airlines like Virgin as well as partnering with private jet maker Gulfstream.
When asked how the recent SpaceX rocket explosion may impact the launch of ViaSat's second satellite next summer, Dankberg said he has every confidence the company will determine the cause of the failure and take corrective action quickly. He expects no delays in their launch.
Cramer on the Economy
Get used to all of the negative chatter about slipping back into a recession, Cramer told viewers. It might be with us for a while longer.
There are certainly signs out there that point to a recession, including a breakdown in copper and aluminum prices and crude oil resuming its free fall. But there are only three things that Cramer said he's really worried about.
The first worry is, yes, Greece. There needs to be a deal that stops the euro from falling and the U.S. dollar from strengthening. Second is China, an economy that is slowing and could collapse under the weight of its bad loans. Third, there's the continued Federal Reserve speak about raising interest rates no matter what the global picture looks like.
Cramer said he expects a deal in Europe to come... eventually, and he expects that China will continue to grow, albeit more slowly than in the past. The Fed, however, remains a mystery. Are the U.S. central bankers really basing their moves on the data or are they on autopilot? With even the International Monetary Fund warning that a rate hike would have disastrous consequences, Cramer said he hopes it's the former.
Off the Charts
In the "Off the Charts" segment, Cramer went head to head with colleague Carly Garner over the direction of oil, which has fallen from its highs of $59 a barrel down to just $50 earlier today before settling out just under $53.
Garner noted that the U.S. has nearly doubled its oil production since the lows in the early 2000's and is back near all-time production highs rival those of the 1970s. With so many oil producers needing to keep pumping in order to keep the lights on, Garner saw sizable production cuts as unlikely.
Garner then turned to the weekly Commitment of Traders report, which outlines how the major players in the oil market are betting. She noted that during oil's peak in 2014, the largest speculators had the most net-long positions in recent history. With no one left to buy, oil quickly began its decent. More recently, the large speculators again have a growing long position, but are failing to boost prices above $65 a barrel.
Finally, Garner looked at West Texas Intermediary crude prices, noting a floor of support at $50.50 a barrel. She predicted that level will again be tested and, if it fails, the next floor could be $41.40.
Ultimately, both Garner and Cramer agreed that oil is headed back to $70 or $85 a barrel, but in the short term there may be more pain ahead, which is why both advise using caution and waiting to see what happens next.
In the Lightning Round, Cramer was bullish on Electronic Arts (EA - Get Report), Ross Stores (ROST - Get Report), TJX Companies (TJX - Get Report), SunEdison (SUNE), Nordic American Tanker (NAT - Get Report), CyberArk Software (CYBR - Get Report) and Isis Pharmaceuticals (ISIS).
Off the Tape
In his "Off the Tape" segment, Cramer spoke with Ravi Rishy-Maharaj, founder and CEO of the privately held GigSky, a company offering affordable wireless data services to travelers so they can avoid the amazingly high price of overseas roaming charges.
Rishy-Maharaj explained that for owners of Apple's (AAPL - Get Report) newest iPads, GigSky is built right in and customers need only to select them as a carrier once then arrive at their destinations.
Owners of other devices can also easily access GigSky by downloading the company's app and ordering a GigSky SIM card for their device.
As for the savings, Rishy-Maharaj said customers will save a lot compared to traditional roaming fees but the service is still intended for light use, so data-hungry services like video will still be costly.
GigSky currently operates in over 90 countries around the globe.
To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.
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