Jim Cramer said on CNBC's Mad Money that Tesla Motors Inc TSLA is a cult stock. He explained that people buy it because they like its product and it doesn't trade on fundamentals. If it traded on fundamentals, it would be much lower. He added that he doesn't recommend a long position in the cult stocks and he doesn't bet against them either.
Bank of America Corp BAC had a big move on Wednesday, but Cramer is not against owning the stock, although he is hoping it will make a pullback. He would buy some now and wait for a pull back to buy more. He thinks that Bank Of America is so much behind the market and after it makes its big run, it won't matter if it's trading on $21 or $19 now.
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