Stocks rallied Tuesday because the market fell too much on a central idea, Cramer said. That is, investors had feared a major country could fall apart.
The bears were really banking on that idea, Cramer said. Assuming Greece would default on its obligations, they bet against stocks. They assumed U.S. banks have hidden exposure to Greece. The country would turn into the second coming of Lehman Brothers in that it was "too big to fail," but would anyway. So they bet against the market because if Greece could fail, meaning it would not pay interest on its bonds and be bailed out by other countries, then other debt-laden countries would fail, too. That would mean all those, who hold these countries' bonds would go under, as well as their banks and U.S. banks, too.
As it turns out, though, European leaders will not allow Greece to fail. Just as Cramer had predicted, Greece's parliament gave Prime Minister George Papandreou a midnight vote of confidence. The move doesn't mean Greece will ultimately go along with the austerity plan, or even avoid default, though. So should stocks fall another 3 to 5 percent and it's not earnings-related, Cramer would be a buyer of any dividend-paying stock. (Read More: Cramer's Top Dividend Plays)
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