I've been a long term long investor in BAC since the big crash - I generally ignore day to day swings and have held my shares for years. I have done very well by following a few simple rules - one of those rules is not to buy at the open and another is not to buy on a big up day. I try to buy on the big red doom and gloom days - they often have nothing to do with BAC directly - like some mess in Greece or Spain that is affecting the whole market. I am in share accumulation mode and would actually like to see the price drop again - maybe news about one of the big law suits might push it down some - who knows.
Steven: It is ALWAYS a mistake to use a market order. ESPECIALLY at open. What, you have a habit of opening yer wallet to strangers and saying..."Hey! Here...go ahead...I trust ya?"
Never a good idea.
Personally, I'd use a limit order with a price of around $12.50. Russellhenry24 is right about the market makers manipulating the price. The 2% that BAC is up today is a result of Meredith Whitney's bullish comments on it yesterday. Long term, BAC is a good buy as it is trading at a fraction of tangible book value, but I do believe that you will be able to pick it up for less thsn $12.80 Good luck.
Sentiment: Strong Buy
Question is will BAC's stock buy-back hamper the market manipulators ability to move BAC down...BAC can teach the manipulators a lesson and keep them at Bay...Jumping in with their buy program at every attempt to push us down...We are cheap at these levels and BAC knows it...
The way BAC has been going it's a gamble, I personally believe it would be a mastake. I feel a small sell off, 15 - 20 cent. The market maker are screwing with BAC bad. After watching BAC for sometime, 90% of the time if the stock is up pre-market, it drops 30 minutes after opening, and vice verses. IMO.