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Rendering large point clouds ordinarily requires building a hierarchical data structure for accessing the points that best represent the object for a given viewing frustum and level-of-detail. The building of such data structures frequently represents a large portion of the cost of the rendering pipeline both in terms of time and space complexity, especially when rendering is done for inspection purposes only. This problem has been addressed in the past by incremental construction approaches, but these either result in low quality hierarchies or in longer construction times. In this work we present OMiCroN -- Oblique Multipass Hierarchy Creation while Navigating -- which is the first algorithm capable of immediately displaying partial renders of the geometry, provided the cloud is made available sorted in Morton order. OMiCroN is fast, being capable of building the entire data structure in memory spending an amount of time that is comparable to that of just reading the cloud from disk. Thus, there is no need for storing an expensive hierarchy, nor for delaying the rendering until the whole hierarchy is read from disk. In fact, a pipeline coupling OMiCroN with an incremental sorting algorithm running in parallel can start rendering as soon as the first sorted prefix is produced, making this setup very convenient for streamed viewing.