BAC hit the "Buying on Weakness" list!
Let's see who stands up for the security?
And how tall they are!
They won't remain very "tall".
If I was long this with even a little profit then I would take advantage of this minor bump and get out of dodge.
We'll still see an $11.82 or lower close.
The market is going to roll over today and AAPL will NOT stop the rollover.
Good trading to you!
BAC not listed on the "Buying on Weakness" list for the 2:00 pm or the 3:00 pm notice.
Volume is below average
RSI bearish cross
MACD bearish crossover at center
Stochastic overbought reversal
"perfection" is built into most every DOW and S&P company but as Bernanke is pointing out; the consumer is dead in the water and I can easily see us maintaining a 10%+ unemployment rate on into 2011.
With a socialist government we all have to get used to much slower growth and substantially higher unemployment for long periods of time.
Even CAT is rolling over now.
Sticking to the 11.82 or lower close and can see BAC trading in the mid $10's to mid $11's for 4 or 5 weeks.
There is a Nov PUT with an $11 Strike selling for $1.15.
One could sell the PUT and have an effective buy in price of $11 - $1.15 = $9.85 should the shares be below $11 this November expiration!
If not you keep the premium!
Opens with an above average volume and slight downward pressure.
We have had three down days in a row and historically four is unusual and five is rare.
It will not surprise me for us to see an up close either today, tommorrow or Thursday!
BAC returns to the "Buying on Weakness" list!
Less strength in the block trades but none the less money flow into the security.
Still see some retracement toward $11.