Market will probably throw tantrum hoping it keeps the Fed from tapering. Steve Leeseman and others are now expecting a December taper. Market tantrums are how they are likely to try to keep it from happening this month.
Could we see 15 again? Possibly. But a couple traders think 20 could be coming around the corner. Last time BAC went to 19.81 it had a few days where it was up about 50 cents a day during the last legs of the up move. That means it can come pretty quickly and you have to let a few of these up days occur to capture the best gains. Think BAC is headed to $18 before New Years. Looking at the 17.88 level on Christmas and 18.40 on New Years.
Here comes Santa Claus. Once we are over $15 BAC can move up fairly quick and 50 cents a day at times. Seems to be a rotation into names like BAC for late year leadership as they underperformed earlier and now are a likely leader for a few months.
This think will shed half its opening price in its first 3 months IMO. Think we see a bottom around $22 and change. Stay away above $30 because it will go well lower in the next several months. It may eventually rally from there but you will have to have balls of steel to shed possibly more than half your investment in the months to come. Hate to say it but I see FB back around $35-37 when TWTR bottoms.
Seems like we may be forming a bearish mega flag in SLV. After some consolidation it could then pinch the price action where we get another 10 point drop like we saw from 28 to 18, as that is the typical flag pattern. Half the drop, then the bearish flag and then one more equal sized drop which in this case would be from about 21 to 11 possibly.