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Cramer Remix: Is the biotech bear market over?

Amid news of explosions in Belgium's capital on Tuesday, stocks were justifiably down at the open, but then rallied for most of the afternoon and pulled back shortly before the close.

Jim Cramer explained the action on the market, stating "We call it the underlying bid. That is a term that means buyers are lurking underneath current prices and when those prices drop, people start buying."

By the end of the day, the stocks affected were those directly related to travel and leisure as they will have the most have a loss of business. Cramer added that the rest of the market was able to mount a comeback because there has been an underlying bid since stocks bottomed in mid-February.

Beyond that, Cramer noted that another event occurred to suggest stocks are undervalued currently. Tremendously negative commentary emerged from both Transocean and Schlumberger, with the companies stating that it could take years before things get better.

But these stocks barely budged; Cramer interpreted this as resilience.

The technology sector also displayed resilience; the group continued to climb though there hasn't been any big news lately.

Even the health care bear market seemed to be coming to an end, or at least show promise. Pharmaceuticals were once even more loathed than the banks after political attention turned their attention to the issue of price gouging.

"I don't want to pronounce the big bear market over in all of health care. However, it does seem to be the case that the pressure is off for now, with both big pharma and fast growing biotech stocks having reached levels where the sellers seem to have gone away," Cramer said.

Read MoreCramer: Why Brussels didn't spook markets

People display the Belgian flag at Beursplein Square after Tuesday's attack in Brussels.
Alexander Koerner | Getty Images
People display the Belgian flag at Beursplein Square after Tuesday's attack in Brussels.

In the wake of Tuesday's terrorist attacks in Brussels, Cramer did some serious thinking. He noticed a pattern that every time a terrible attack occurs, every stock in the travel and leisure space goes lower.

"That is just a fact, and an understandable one at that," the "Mad Money" host said.

However, Cramer also noticed the pattern that eventually investors stop being scared, and the travel stocks rebound.

"On a day when this whole group went down, let me tell you why it could be smart to own an airline stock or a company like Priceline, but it could be foolish to bet on a cruise company like Carnival or Royal Caribbean," Cramer said.

The difference for Cramer was related to another story in the headlines recently — Zika virus. The stocks Cramer found were most immune to Zika were airlines and online travel agents, with Delta, United, American and Southwest all trading at cheap levels.

Read MoreCramer: Steer clear of these travel stocks

Cramer also noted that Yum Brands, the parent of KFC, Taco Bell and Pizza had has roared 20 percent in the past six weeks.

He attributed the success to Yum reporting a strong quarter in February, and because Yum broke itself up in a move that Cramer thinks could unlock immense value.

"So if you have been sitting on the sidelines watching this stock rally, I've got news for you: it is not too late to buy Yum," Cramer said.


Since the market bottomed in mid-February, commodities have dramatically rebounded from their lows. Cramer has watched as everything from copper, iron ore, aluminum to oil have worked their way higher.

While the rally took a break on Tuesday, commodities have been on the decline for years, leading Cramer to ask if this is a genuine rally or simply a long overdue, oversold bounce.

Cramer turned to the help of Carley Garner to look at the charts and assess what the future of the commodity complex could look like. Garner is a technician and commodities expert who is the co-founder of DeCarley Trading and a colleague of Cramer's at RealMoney.com.

Garner found that while it has been tough to be bullish on commodities in the past, the group could finally be showing promise. This is significant to Cramer, as the strength in commodities is a huge reason why the stock market has been able to roar higher since February.

Read More Cramer: Commodity rally could head higher

Cramer was also saddened by the news of the passing of Andy Grove, one of the founders of Intel, who understood the business better than anyone he had ever met.

"Thank you, Andy Grove, for all you did to make it so everyone could afford computing. Thank you for all you did to create so much wealth for so many. Thank you for showing that raw intelligence, hard work and honesty can indeed pay off in this great country," Cramer said.

In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:

Michael Kors: "The accessory stocks are doing better, and I like Kors, but I think Coach is in better shape. I would pick up some Coach right here."

Advanced Micro Devices: "The personal computer space is hurting. It's even hurting for Intel, so that's certainly bad news for AMD. I would not take advantage of this recent rally other than to sell the stock."

Read MoreLightning Round: Sell this on the next rally