It wasn't a basket, and ET didn't hang onto the handle bar. He was sitting in a milk crate!!

That is a great movie. I must have watched it, like, 10 times. And cried everytime. I think the film fulfilled our childhood fantasy of having a secret friend, be it a kitten or ET. And to fly.

Come to think of it, Doraemon 小叮当, also runs along the same vein of thoughts.