If you look at my earlier post it explains it. Just go to Stockcharts.com add a 10 simple moving average and you will see the clear pattern. Notice how every peak is followed by a pullback to below the 10SMDA..
your almost right, with every peak there is a pullback to the 30/sma where it bounced off nicely.......except today, who have dived throw the 30/sma so expect a nice sell-off.
a turd can't float forever........
Simply profit taking after a nice run. A pause before take off again. Ignore some of the idiots on this board.
Bank of America (NYSE: BAC) shares are falling on volume after the company said credit losses were higher than in the prior quarter, reserves rose, and its card services business posted a net loss.
Maybe because the company issued a profit warning with its Q2 results last Friday for the remaining of 2009 and all of 2010. Just wild guess on my part.Long