After bottoming on Feb. 11, stocks have had an enormous run in the past few weeks. What was so special about that day? It was the day JPMorgan CEO Jamie Dimon bought 500,000 shares of his company's stock.
Jim Cramer now calls this day the "Jamie Dimon bottom."
"This well-timed buy had more to do with the prevailing gloom three-and-a-half weeks ago than the actual conditions at his bank," the "Mad Money" host said.
It was a combination of various factors that all came together to allow the averages to roar higher. One of those factors was the Fed, as. Janet Yellen was testifying at the exact same time the market bottomed. Her testimony only accelerated the view that the Fed saw the weakness occurring but wasn't necessarily willing to stop its course of tightening.
Cramer has a position of Bank of America in his charitable trust, because he thought there would be two rate hikes coming from the Fed. He added that without rate hikes, this stock is not in good shape. But with the rate hikes, it is. He thinks the binary nature of the stock has prompted it to fall to $13 from $15.