Jim Cramer Likes Bank of America, Isn’t a Fan of the Volatility Index

TheStreet’s Action Alerts PLUS Portfolio Manager Jim Cramer isn’t a fan of the volatility index, or VIX, amid the global markets sell off. ‘I’m not a big fan of the VIX as a measure of anything,’ Cramer said. ‘What I like to do is actually sense the real anxiety of the market and I think the anxiety is manifested by something like a Twitter – where it’s pretty clear that people think it’s 2008 again. That was systemic risk, this is cyclical risk and I’m taking systemic off the table for all but China.’ Stocks across the globe have been sinking since Monday, triggered by worries over the health of China’s economy and what may happen to China stocks once its 6-month stock sale ban for its biggest investors (put in place last summer) expires Friday. Though various reports suggest China will extend the ban in an effort to prevent a further stock slump.