Well as much a hate to say it the price action of this stock over the last several days tells me the stock is badly broken. At a time when the Dow and S&p are nearing all time highs the stock is near a 52 week low and will likely break the low within a day or two. It's now more than 20% below its 52 week high and is lagging other retailers It now trades below all its major previous support levels and all the technicals indicate much more downside is ahead. It's hard to figure what has triggered this collapse. It's March comps were better than expected and it outperformed its peers on this matrix for March. Les has taken control of the CEO position which I would rank as a positive . Nevertheless I could see this dropping back into the high 50s low 60s
March sales looked good and in fact outperformed both projections and its peer. Hard to understand this 15% drop over the last two weeks. I find it hard to believe that the "reorganization" of 200 people caused that massive loss in value particularly since the company appears to be humming. Not sure I would go long here but notwithstanding the downgrades the general consensus on price target is that it remains well north of 85
No offense best but I could literally go back everyday for the last five years and find a post like yours trying to rationalize why someone should buy this stock. Nithwothstandin these valient efforts the stock trades lower than it has in many years . The problem now is that there is no growth and the man at the hell is capable of developing a strategic plan to generate that growth. Cost cutting and waiting and hoping the fed raises rates is hardly a plan for success . Why do you think this stock can NEVER have a sustained bid that will drive the price higher.
Earnings estimates are getting slashed on BAC. I've seen some estimates down to as little #$%$ cents for this quarter and well under 80 cents for the year. This makes BAC a very high multiple stock at this point. I would short this puppy here and every bounce through 4/15. Assuming earnings suck, which I think they will, this is safe to short down to the 4-6 dollar range. This is consistent with my thesis that I have been telling everyone for years. Short this all you want. No upside potential more than 7 dollar downside potential
I give this advice to all but bactrader who when this stock was trading at 15 assured everyone that it would be 20 or 30 in months and that "it had a better chance of going to 30 than 15. " and that I didn't understand how to trade bac because it was channeling between 15- 18 and all you had to do was buy and sell between the channels. Oh well bactrader good to see you still have no clue what you are doing.
because he only gets 40% of the vote. They are so arrogantly stupid it's comical. What does their rationalwe say about their own campaigns. That 80-90 % of the Republicans dont what THEM
come on that was an exaggeration for effect. but your point is well taken
No worries. You're great great great great great great great grandchildren will finally break even on this stock.
On this. I know you are always right. And you said this would never go below 16. Based on the magical charts you use. So I'm assuming that the intel processor that I have in my computer is flawed since its mysteriously reporting that BAC is trading in the 11s.. Im assuming the floating. Point processor has a flaw. That I need to report to intel.
There you are Mr. BAC Trader. It took me a while to find you. Yep, I heard that exact quote from you at 16, at 15, at 14 at 13 at 12. You were the one with the magical charts which short traders "couldnt understand" that showed BAC would never fall below 16. Do you remember those comments BAC. You know the one's where you called me a complete idiot for thinking BAC would go back to the single digits. A "complete fool" for not understanding how to trade. Hmmm.
why so quiet. Why are you not on this board telling us all how you have been short all along based on your super duper top secret trading charts you use to make all your profitable trades. Come on BACtrader gloat for us now. We miss - err I miss you
bactrader bactrader why can't you come out and play. Oh I know, busy counting all you cash from your successful BAC trades. I admit it you called it. You saw it falling to 12 all along. Smart play., Your comments about this never seeing 13 again were just a facade to throw us mere mortal traders off. All along you had that "secret chart" that told you this was going to 12. That "chart" that said it would never go below 16 was just a fake out. You've done it again. Made us all look incompetent.
People people, you forget, BAC is not like normal companies. The cannot unilaterally decide to raise their dividend. It has to be approved by the Treasury and there is no way i hell they would ever approve a dividend increase any time in the near future. It could be 20 years before BAC is allowed to provide a dividend anywhere close to 1.00 a share
Bove to get on TV and tell everyone for the 10th year straight how BAC is undervalued and you should BUY BUY BUY. If you had listened to this idiot anytime in the last 10 years you would have made exactly ZERO dollars.
Are you still using that Chart that says it will never go below 16. You know the one you called me an idiot for not understanding . You know that chart Bactrader? The one you use to make all your trades and to keep you record intact of going 20 years and never having a losing trade.You know that chart?
it currently sells at a significant premium to its peers in terns of forward PE. Any Crack in its performance was sure to make it tumble. Shirt interest has also been rising so there was some money behind trying to make this tank. I think this is way overdone and when Feb comps come out it will rebound. I have a significant lobg pisition but routinely trade short against that. Basically any time it goes over 96 u short an amoubt close to 1/2 if my position and way for it to tank a dollar or 2. 100 is absolute resistance and there is nothingbin the near term that will cause it to break that barrier. My stop loss on my shorts reside their. I'll just hold it for its great dividend augment that income with my short winnings. Long term 150 within 3 years. Few more stores I internationally and they are golden.