Cramer Warns Latecomers May Miss Out On Non-Tech Stocks Rally—No Big Gains For 'Johnny-Come-Latelies'

Prominent market commentator Jim Cramer reportedly indicated it may be too late for those investors to get in on the action who were not invested in the non-tech stocks that have begun to rally.

"I don't think you make all that much money coming in here," Cramer told CNBC. "At this point, you have to wait, because these Johnny-come-latelies are not destined for big gains, they never are."

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The expert also pointed out Tuesday was a jailbreak for many who reverted to equity markets leaving Treasuries behind and for those who shifted to new stocks from tech names.

"The big-time strategists are finally beginning to warm up to this market," Cramer said. "I'm simply saying that the risk/reward has shifted. The sidelined money wants in because they didn't count the sloppy wins we've had for months."

Price Action: Wall Street cheered Tuesday's inflation report which supported the trending perception the Federal Reserve is likely to hit the pause button. May Consumer Price Index (CPI) rose 4% on an annual basis, the lowest in two years. Core CPI, which strips out energy and food, rose 0.4% in May.

The Nasdaq Composite closed 0.83% higher while the S&P 500 gained 0.69%. The SPDR S&P 500 ETF Trust SPY closed 0.66% higher on Tuesday while the Invesco QQQ Trust Series 1 QQQ rose 0.77%, according to Benzinga Pro.

Cramer also highlighted the recent surge in construction equipment maker Caterpillar Inc.'s CAT stock saying many, who thought a recession was inevitable, were convinced it wasn't a good buy.

"When the standings are posted, those who came in today are truly the people who believe that they didn't miss Caterpillar, they didn't miss Apple, they didn't miss Microsoft, they didn't miss Oracle, they didn't even miss Nvidia, my dog," Cramer said according to the report.

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