I've been long BAC and have been losing faith as of late. I studied the 2 year chart of the DOW today. If you look at the volume on a weekly basis the most consecutive down weeks has been 4. (This includes the crash of 2008 and 2009) This week, if the index closes negative for the week, it will mark the 4th straight down week. Over the past two years we have never had 5 straight down weeks, and God knows we have seen worse days in the market. Stocks are oversold, BAC will rally to the high $13's in the next 2 weeks. Buy now for a quick 10% gain on a rally. Once the real traders return from vacation this coming Monday they will be buying on valuations, making quick profits, then hibernating till after elections. This is the time to buy for a quick 10% gain.
i think theres certain interested parties involved desiring the continuity of BAC re: funding involved. 3 years ago over 50pps, extremely difficult market, had me in a few coins over 12. bargain or bust? im holding just for the helluvit.
You're losing faith because you're watching a stock in a downtrend. Treat it like you're owning a business and stop watching the ticker. Go visit your local BOA branches and see how they're doing. That's what you own.
I agree, it's incredible how oversold and dirt cheap BAC is now. The market in general is oversold. We'll get a bounce in Sept and BAC will easily jump back to $14-15. BAC was over $14 at the beginning of this month. It can move fast either direction. The last week of June last year the stock jumped from $12.50 to $14.00. Be long and ready.