It is a fact that BAC closed at $3.14 on Friday 3/6 and the stock closed at $5.76 on Friday 3/13. No one seems to be mentioning how great a week it was. What is going to happen next week is anybody's guess.
With possible (probable) M2M changes, reinstating the uptick rule, and the general overall oversold nature of the market,(especially financials) it could be another great week. Maybe it won't, this could be a bear market bounce and we will have to wait and see what happens with options expiring on Friday. (including mine)
I believe and hope last week was the start of a positive trend. Remember, this is Bank of America, one of the largest and most important banks in the world. Financials tend to lead the way from a market bottom. Also, they did the goverment a favor when they bought Merrill Lynch. That may end up being very important. (and positive)
I find it both sad and somewhat amusing that the people who bash and short BAC are so unbelievably negative. (If you wanted, you could find something negative to say about EVERY stock on the NYSE.) They don't know anymore than anyone else. Not to mention, if I was shorting any stock I would not want everyone to know. Our stock going down, our market going down, is bad for everyone. Who wants that?
I Agree…Nobody knows What market is going to do next…the problem is short sellers…Short sellers destroyed the US market, especially banks and they are moving from one bank to other…Now things are changing. I believe the bank stocks going higher, remember market looks forward 6 to 9 months..
Actually on Friday I posted about what a SUPER GREAT week I thought it was. No one responded. I also have been commenting about how the shorts lost the battle on Friday when they tried to drive BAC down. AH BAC $5.87. This is a victory! We are no longer starting from scratch on Monday, but have a bushel full of optimism in our favor.
I agree... I expected a pullback and am pleased with the strength... We would actually have ended up positive except for selling in the last minute of trading.
Shorts lost the battle on Friday and others waiting for the stock to drop to buy on a dip may have missed their best opportunity.
Though IMHO.. Buying below $8 is a good time to get in.
I might add some to your good writing...Bernanke will speak on CBS 60mins tonight and Geithner to provide much more details on the Toxic asset buy program next week. Not to mention FOMC to leave the .25% fed fund steady...:) Things are looking up. In April, I expect better than expected earnings from the 4 largest banks as they announced that they are profitable already. Thinking that they are all lying is ridiculous.
BAC is NOT on the list of the world's safest banks.
GLOBAL FINANCE WORLD’S 50 SAFEST BANKS ( gfmag.com )
1. KfW (Germany)
2. Caisse des Depots et Consignations (CDC) (France)
3. Bank Nederlands Gemeenten (BNG) (Netherlands)
4. Landwirtschaftliche Rentenbank (Germany)
5. Rabobank (Netherlands)
6. Landeskreditbank Baden-Wuerttemberg-Foerderbank (Germany)
7. NRW. Bank (Germany)
8. BNP Paribas (France)
9. Banco Santander (Spain)
10. Royal Bank of Canada (Canada)
11. National Australia Bank (Australia)
12. Commonwealth Bank of Australia (Australia)
13. Banco Bilbao Vizcaya Argentaria (BBVA) (Spain)
14. Toronto-Dominion Bank (Canada)
15. Australia & New Zealand Banking Group (Australia)
16. Westpac Banking Corporation (Australia)
17. Banco Espanol de Credito S.A. (Banesto) (Spain)
18. ASB Bank Limited (New Zealand)
19. HSBC (United Kingdom)
20. Credit Agricole (France)
21. Wells Fargo (United States)
22. Nordea Bank (Sweden)
23. Scotiabank (Canada)
24. La Caixa (Spain)
25. Svenska Handelsbanken (Sweden)
26. US Bancorp (United States)
27. Banco Popular Espanol (Spain)
28. DBS Bank (Singapore)
29. Pohjola Bank (Finland)
30. Deutsche Bank (Germany)
31. Société Générale (France)
32. Intesa Sanpaolo (Italy)
33. Bank of Montreal (Canada)
34. DnB NOR Bank (Norway)
35. The Bank of New York Mellon (United States)
36. Caixa Geral de Depositos (Portugal)
37. United Overseas Bank (Singapore)
38. OCBC (Singapore)
39. Axa Bank Europe (Belgium)
40. Credit Suisse Group (Switzerland)
41. Landesbank Baden-Wuerttemberg (Germany)
42. Nationwide Building Society (United Kingdom)
43. CIBC (Canada)
44. National Bank Of Kuwait (Kuwait)
45. Barclays (United Kingdom)
46. UBS (Switzerland)
47. JPMorgan Chase (United States)
48. Bank of Tokyo-Mitsubishi UFJ (Japan)
49. Banque Federative du Credit Mutuel (BFCM) (France)
50. Credit Industriel (France)
THis list is totally BS.
If The true safest banks are the #1 and #2 banks in China because the debit of the banks is as safe as US treasury bills. The chinese banks have unlimited capital supply from the government if they are needed.
On the other hands, WFC is on the up of list and JPM is on the bottom of the list. Then why the market is valued WFC only 50% of JPM?
lol...this is funny...
1) BAC owns a good portion of Banco Santander
2) BAC owns a good portion of Intesa Sanpaolo
2) National Bank of Kuwait is safer than BAC?...lol..I will never park money at NBK over BAC..lol
3) Didn't HSBC just had a huge lost for the quarter and caused HK market to halt for a half day?..lol
4) Barclays is about to be nationlized by UK govt.
5) Kfw is listed as #1 then where is US FED?..lol