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Jim Cramer saw crosscurrents galore in the market on Tuesday as the drama with Europe and Greece continued. And while both the Greeks and Germans behaved badly, in his opinion, there were a few things that were quite reassuring for investors.
In reality, this isn't just a problem for Greece. It would be a problem just for the Greeks if they owed the European Union a couple billion euros. But Greece owes the European Union 300 billion euros, which means the whole European Union has a problem.
"That seemed to dawn on the Germans today, which got people all excited again that there might be a deal to be had," the "Mad Money" host said.
But thankfully Europe has a central banker, Mario Draghi, who knows what the heck he is doing and understands that if Greece defaults it would not be another Lehman Brothers event. Thus, he has made sure that Europe did not collapse so far, and the negotiations have lost a bit of their urgency.
"With Greece on standby, we get to see what the market forsook yesterday that it shouldn't have, which is the kind of constructive exercise this show was made for," the "Mad Money" host said.
Cramer saw Tuesday as a chance for investors to pounce on themes that are working right now.
The first is biotech, and many investors crowded into this group on Tuesday. Cramer noticed that the money flowed into those companies that face likely FDA approvals, like Receptos, Alder Biopharma and Radius Health. Cramer recommended buying into these stocks on weakness though, not strength.
Second, the market gravitated to the oil plays, where there are furious rumors of deals.
"I've told you that many of these domestic oils are still trading at about where they were back when oil bottomed about 15 points ago. I continue to marvel at how bearish people are about the price of oil even though it doesn't come down at all and bounced a dollar again today," Cramer added.
Read more from Mad Money with Jim Cramer
Cramer Remix: Greece can't beat these stocks
Cramer: Don't buy on the market dip now
Cramer: World chaos-resistant stocks
Finally, the speculative stocks all roared back as well. When the smoke clears, Cramer always expects stocks like Netflix to bounce back the hardest. Tesla soared because that's what it does, as did Amazon. Cramer also saw two of his faves—Ambarella and Fitbit—bounce back nicely as well.
So while one third of the market bottomed on Tuesday, these are a few themes that might be worth taking a good look at—while the rest of stocks tread water waiting for Greece to figure out a solution.