With the Greece situation still in limbo, Jim Cramer doesn't know what make of the market. The Fed heads have already returned to talking about raising interest rates, and the dollar grew stronger on Tuesday. What a confusing market!
"I don't like the setup, meaning the way thinks look for the market overall. We are in a world where we keep confusing what is good with what is bad," the "Mad Money" host said.
But just because there is a negative setup of the averages, that doesn't mean Cramer thinks investors are doomed.
In fact, a lot of what Cramer sees happening right now actually stems from companies trying to quiet the negative chatter surrounding their stocks.
How about Netflix, which announced a seven-for-one split on Tuesday. While some investors were surprised, Cramer was not.
"Suddenly, it happens, and everyone gets all excited? I say you have to wait until it comes in now. This is the most artificial bump-up I have seen," Cramer said
Cramer is confused as he has watched Helen of Troy's stock shoot through the roof, up 50 percent for the year. What the heck is going on?
No, he is not making a literary reference. Helen of Troy is a small consumer-packaged-goods company with a market cap of $2.8 billion, which has unfortunately been overshadowed by the big dogs of the industry like Procter & Gamble, Colgate and Clorox.
However, the stock has managed to pull off a fantastic year so far, and while it has had a great run it still only trades at just 17 times earnings.
While Helen of Troy may not be a household name known to many, Cramer still considers it to be a well-run company that is worth investor's attention.
"It still doesn't get enough attention from Wall Street, and I think that gives you an opportunity to buy the beautiful Helen of Troy for much less than it should be worth," Cramer said.
Other under-the-radar stocks that Cramer thinks are worth remembering are ones with powerful, long-term themes that can stand up to the worries of Greece and rising interest rates.
"No question, the hottest theme out there right now is cybersecurity, as companies commit more and more of their capital to protecting their networks against hackers," Cramer said.
However, many names in the group, such as Palo Alto Networks, FireEye and CyberArk, have had monster gains lately and have become hard for Cramer to endorse, at least on a valuation basis.
That is why Cramer highlighted three lesser-known names in the cybersecurity space, to allow investors to still play this red-hot trend. He recommended Fortinet, ProofPoint and Imperva.
So, while Cramer still loves Palo Alto and CyberArk, they have been growing like crazy. Could it be time to break out the homework and decide if Fortinet, ProofPoint and Imperva could be a better match for your portfolio?
It also seems that all anyone cares about lately is what is going to make money next week, or even in the next day or the next minute. But investing is not about getting that instant gratification or just finding the stocks that will go up in the next session.
"What we really want are high-quality, long-term holdings that can go up many points over a series of weeks or months, or even years, as long as the fundamentals hold up," the "Mad Money" host said.
So, instead of using up time worrying about things like Greece or the dollar, Cramer chose to use his time helping investors find stocks with strong fundamentals that can be sustainable in the long term.
That is why Cramer turned to Tim Collins, a technician and colleague of Cramer's at RealMoney.com. He identified Wells Fargo, Facebook and WhiteWave Foods as having some of the best weekly charts out there. Aside from having attractive charts, these stocks really have nothing in common besides the fact that Cramer wants investors to consider them for their portfolio.
For instance, there is Facebook; investors are focused on its $85 level, which has been so hard to break. The stock finally broke out of this ceiling on Tuesday, around $86. Collins pointed out that the stock has been consolidating for about six months, and the recent cup pattern isn't new. The consolidation won't lead to a new rally, but it does mean it will gently move higher.
Collins thinks that if the stock can stay above $86 through the end of the week, then it will trigger an explosive rally. If that happens, he expects it to jump to $93.50, at a minimum, and may hit triple-digit territory.
"As for the fundies, this, the fastest growing major company I follow, could earn $3.50 next year. Give it a 30-multiple, only fair considering its growth rate, and you've got a $105 stock," Cramer added.
Has oil really bottomed? Cramer doesn't know how many other people are wondering, but he questions it himself.
There are plenty of analysts who believe that the combination of heavy production in Saudi Arabia, the return of the market in Iran, the increased production in Iraq and the lack of a decline in shale production in the U.S. all add up to a decline in oil prices in the short-term future.
"But the market is not stupid. Oil would have already been hit and hit hard from that parade of horribles. It hasn't," the "Mad Money" host said.
So, how can an investor detect which oil stocks are undervalued? Cramer devised his own method. He went back to where the oil patch stocks were tradingm back when crude was scraping the bottom of the barrel in the low $40s, in mid-March.
But the biggest winner here is Marathon Oil, which has huge assets and Cramer thinks is totally misvalued. The stock currently trades at just $26, which is almost the exact same price it was back in the dark days of oil.
"I think it could be easily acquired for well below its peak last year of $41, and even pretty far down from its recent high of $31 Read Morelast month. I bet a buyer could snag Marathon Oil for just $33 to $34 a share," Cramer added.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Boeing: "Jim McNerney, who is absolutely one of my all-time favorite CEOs, is stepping up to be chairman. We've got a new CEO coming in. I think he wouldn't pick him if he weren't a good guy, but I'd love to hear from both of them. Let's put it that way because I think Jim McNerney is a star and he is very difficult to replace but I do like the company."
Deutsche Bank: "It had a change at the top, and frankly I think there is a little bit too much turmoil in there. I'm going to say no."