Shares of Bank of America finished up 6.5% after Cramer said the stock “could rally another 50% and maybe even double”. Cramer believes that Bank of America is undergoing a “volatility expansion” and is heading towards $25 per share. Cramer believes that BAC is a cyclical play that will recover along with the economy. He recommends Bank of America as the best way to play an economic recovery. 

Research in Motion (RIMM: 57.53 +3.29%) also benefited from the “Cramer effect” gaining 1.6% on Wednesday. As recently as last month, Cramer was bearish on RIMM due to increasing competitive pressures. However, Cramer now acknowledges that “RIMM is going up without me”. 

Other Cramer stock picks: 

NCR Corp (NCR: 13.70 -0.72%) fell 1.1% – After Cramer said he was not a fan of the stock.

Elan (ELN: 4.77 +0.85%) dropped 1.5% – “One of my least favorite drug companies.”

PPG Industries (PPG: 69.47 +0.94%) jumped 3.7% – Cramer reiterated his bullish position on the stock and their 4% dividend yield.

Mr. Cramer predicted that one of the main casualties of a market pullback would be Freeport McMoran (FCX: 71.54 +1.13%). The stock dropped 2.3% on Tuesday, but Cramer believes that Freeport and other industrials will likely pullback 5%. 

Thompson Creek Metals (TC: 9.30 +3.33%) also felt the “Cramer effect”, dropping 4.1% on Tuesday. Cramer recommended investors take some of their money out of Thompson Creek after the tremendous run the stock has had since trading below $4 in March. 

Finally, Geron Corporation (GERN: 5.63 +17.29%) fell 4.4% on a sell recommendation from Mr. Cramer. Cramer believes the stock is too speculative and prefers Gilead Sciences (GILD: 33.32 -0.27%) and Celgene (CELG: 55.15 +2.70%) to Geron which he says to “sell, sell, sell.” Both Celgene and Gilead Sciences posted nice gains though on the bullish comments by Cramer. 

Other Cramer stock picks: 

Bank of America (BAC: 14.04 +0.07%) gained 1.9% – Cramer believes the stock has huge upside and expects the stock to jump to $18.

Wells Fargo (WFC: 27.73 +0.14%) rose 1.2% – Cramer says that financial stocks like Wells Fargo are worth buying since negative expectations are already priced into the stock.

Arm Holdings (ARMH: 15.45 -0.64%) rose 0.5% – After Cramer said he liked the stock better than Research in Motion (RIM: 0.00 N/A).

Cramer stated yesterday that concerns over Obama’s healthcare reform were overdone. The uncertainty surrounding these reforms has likely had a more negative impact than the actual reforms will. Cramer even stated that it is likely that the reforms won’t be as bad as expected. Cramer’s recommended Wellpoint as a play on the recovery in healthcare stocks. The bullish recommendation caused WLP to gain 5.4% on above average trading volume. 

While he doesn’t like the fact that Wellpoint bought back stock at relatively high prices, Cramer thinks the right multiple for the stock is 10 or 11 rather than the current 8, which means this $47 stock should be trading in the $60s. Cramer likes Wellpoint, in particular because of its profitable sale of Express Scripts for $4.6 billion. If Obama’s healthcare reforms fail, the stock could fetch as much as $100. 

Bank of America also experienced a nice lift after Cramer again recommended the stock as a play on the housing market bottoming. BAC gained 4.9% today. 

Celgene and Genzyme (GENZ: 69.56 -0.33%) also benefited from the Cramer effect, gaining 2.8% and 0.7% respectively. This was after Cramer noted the move from commodities to defensive stocks. He recommended playing this trend by investing in high-growth biotech names such as Celgene and Genzyme. He also thinks these companies will be less vulnerable to Obama’s reforms than other names in the sector. 

The “Cramer Effect” was also in play for Cramer’s bearish stock picks. Wendy’s (WEN: 4.36 -0.23%) and Lowes (LOW: 20.74 +1.27%) both dropped over 3% after negative comment’s on the Mad Money show.

Cramer took yesterday’s positive new housing starts number to indicate that demand is returning to the market as inventory levels decline and homebuilders feel confident that they can get to work again. While Cramer warned against buying homebuilders just yet – he did recommend buying banks with significant mortgage exposure like Wells Fargo (WFC: 27.73 +0.14%), JP Morgan (JPM: 40.28 +0.17%) and Bank of America (BAC: 14.04 +0.07%). 

Unfortunately, financial stocks took a beating today with Wells Fargo dropping over 5%, Bank of America fell over 3% and JP Morgan Chase falling more than 2%. 

Bullish comments about Sociedad Quimica (SQM: 37.99 +0.32%) and Terra Nitrogen (TNH: 82.84 +1.30%) also failed to lift their stock prices today with SQM falling over 4% and SQM dropping more than 3%. 

In a contrarian play by the markets today, all of Cramer’s bearish stock picks on yesterday’s Mad Money show ended up posting gains for the day. Domtar Corporation (UFS: 58.50 +9.06%) gained nearly 2% despite Cramer saying, “I’m not buying it. I think it’s going right back down… sell, sell, sell!” Bearish comments about Taiwan Semiconductor (TSM: 10.10 -0.79%), Duke Energy (DUK: 17.10 -0.41%) and Gamestop (GME: 20.05 +1.57%) also failed to influence the markets as all three posted solid gains. 

However, the “Cramer Effect” helped lift the semiconductor sector today after Cramer recommended Cadence Systems (CDNS: 6.96 +3.73%), Broadcom (BRCM: 36.03 -1.80%), and Brocade Communications (BRCD: 4.95 -0.20%).