This was a no brainer at 18 with tons upgrades. This was a no brainer at 17. This was a no brainer at 16. This is now a no brainer at 15 and no doubt this will be a no brainer at 14 then 13 then 12 then 9. The reality is this stock has no bottom because it's business is AWFUL. It has decreasing revenue and earnings growth with no prospect for increasing those. It still has close to half a TRILLION dollars of carp mortgages on it's books that are lawsuits waiting to happen. I think the odds are greater this will go into receivership before it ever hits 16 again.
Market up -BAC DOWN
Market dowBAC DOWN
Market Flat - BAC Down
Market Open - BAC Down
Market Closed- BAC Down
PRE Market -BAC Down
POST Market - BAC Down
BAC it's the stock that keeps giving us short traders gifts everyday.
Its coming. Only a question of when. My timing May be wrong my my predictions rarely are. And my prediction is this is headed back to 5
Really. I can look at BACs chart over the last month and see that it looks like a downhill Ski course and that there appears to be no end in sight to the freefall. Talk to me after the close today when this is at 14.65 about how I can't read a chart. Then talk to me again in a month when this is at single digits.
At what chart are people looking at where they see any real support before 5. I've looked at all the charts from different time periods. I see no significant support level until 5
No premarket buyers. That's a very ominous sign. I say this closes today Down another 40 to 60 cents. So from 14.80 to 14.60. I think it continues to drop at that rate until it reaches support in the 3 to 5 DOLLAR range.
they do this all the time. They find a weak stock that theft know is on the verge of collapse and then they put it on the conviction Buy list to get a pop in the price.. They then short the hell out of it and watch the price collapse. Sound familiar. The worst part is that as a mm they can drive the price down as far as they want. You watch they will drive this one down back to 5 before they let up. They will make a ton of money an you longs will get royally screwed.
Well it's dropped 20% in two weeks. For a bank that is unheard of. I don't believe it ever fell that fast during the crash of 2008. That's not a good sign for the future. I keep telling people that if you look at the chart there is absolutely no support for this stock anywhere other than the low single digits. My guess is that it returns to this area in a relatively short period of time. It's not just the chart it's the fundamentals of the company. Decreasing revenue and earnings yoy. It only generated any income by moving bad debt out of it's reserves. Other than that it would operate at a loss. I think a reasonable pe for this would-be 4or 5. Next year this company would maybe be lucky to earn 1 DOLLAR a share. What does that tell you about what the price per share should be. To me it says 4 to 5 dollars per share and nothing more.
Yes you are correct. It rebounded nicely after my post. I apologize. I made that comment when it was 15.40 and it closes at 15.20. Another 1.5 % decline. I was way off.
I predicted this would close with a 14 handle and I missed my guess. Oh I know it's only 18 cents away and I again correctly guessed a massive sell off but I really need to try and be more accurate. It's unacceptable when the stock is at 15.75 to get on here and suggest it will close below 15. How could I have been so crazy.
Everyone said I would lose my ass. Well folks up about 10K for about 2 weeks worth of work. Will probably be up 15K by end of week. Will short even more (although Im running out of margin) once this breaks 15. Headed to the low low single digits my friend. Back down to 2 maybe 3 if you longs are lucky. This company makes zero dollars.
Ahhh why do you think this company so consistently under performs indexed funds. You would have been substantially better off buying the SPY then investing in GE. Whose fault is that. This company has no long term strategy. It's worth about 1/2 of what it was worth pre-2008. Other stocks have recovered fully since the crash. This stock has not even recovered 50% of its value. It's earnings are regressing. It's sales are regressing all relative to its direct piers and in some case the YOY numbers. It's a horribly run company. Whose fault is that I ask again