rumor shmoomer, if the reason for the bullish action in BAC today was because of the rumor about a trillion dollar bailout fund for housing then why was the 9% gain limited to BAC and not the other banks in the sector?
why was Volume more than DOUBLE the average daily vol of 250MM?
no, there is something seriously brewing to the upside on BAC and shorts will see serious pain.
and in the words of the sock puppets of turdieX, you can take THAT to the bank.
I'm watching - but it looks like to many shorts were caught in here. They believe it's going to be the first bank to collapse in the second dip when Europe implodes.
Here's what it feels like when you're a short though and you have to get out of BAC:
You might be right. But the only catch is that, in order to maintain the upward momentum tomorrow, the volume has to be 700 million shares. What is the chance of that, without real news?
I did not expect the volume reach 500+ million today. My fear is that the upward momentum is over for now, given the volume.
500+ million volume today and it may go up to one billion volume in ext few days, with price action reaching as high as +$8.00
Learn from history...
23 Aug 2011 BAC went up to $6.28 with 500 M volume. From there on volume increased to 850 M and BAC printed $8.36 on 29 Aug.