unemployment number is not up to par.
Even if it is strong, this over-bought market could still fall because people could start worrying about Fed's raising the rate.
I am not a holder at these levels.
This recent run-up is for, in my view, MMs to unload 1+ billion shares accumulated during the BAC new share issuance and preferred to common conversion arbitrage trades.
Once the unloading is done, nobody will support this stock, definitely not retail investors.
P/E of 27, this stock is priced for perfection assuming everything is behind us. Relentless runup for months. The slightest blip and it could fall hard as the P/E readjusts and the major profit-taking begins by hedgies and mutual funds that want to lock in some of the big profits.
If you are a true buyer, not a hedge fund pumper, then I think that your should be careful.
I always wonder why the government is forcing out most directors on the BAC board: maybe a take-over is planned if the unemployment rate stays high.
In this last run up this is the first time I have seen this low of volume in price dips. Usually you would see 100k orders flipping through as it drops... I only see a little of that happening. and selling -and a little buying- continues.