I want to see that brown e.m.a. cross the 200 sma topside. That would be real sweet for the Long, but we just gots to wait.
Trading call only ... close 75% of the Long right now @ 12.74 = TP waiting for the expected corrective wave to enlighten me further.
fundamentally, bac is absolute crap. given recent news too, it doesn't help their situation. so they're slightly oversold- big whoop. I wouldn't take that risk, going long. I wouldn't short it either. Their beta is 2.16
Done. Call materialized only 7 trading days later and exceeded my upper target of 14.9 by just a hair (15.25 close). So, what now? Shocking that this once lofty bank could not even make it up to the 38.2% Fib @ 22.7. Could it still get up there in a continued countertrend rally? I don't know. Right now the Daily and 1H trends are both DOWN. Those who are heavily loaded on BofA credit card debt, especially those with card limits of 50k+, might have nobody to send the payments to in the event of the continued downtrend to zero. A holiday on the Vatican's dime might not be such a bad thing. The Lord sure does work in mysterious ways.
I have no idea where it's going but I hope in the imminent future it heads to 8-$10 so that it can become the next C...
I don't think the big banks are where you want to be right now. Too much going against them, and too much uncertainty
Agreed. You have to wait another couple weeks for Cramer to change his view yet again and say the banks, especially the regionals, are a screaming buy.
I have to respectfully disagree with most of the posters on this thread. Short term we may see ups and downs, but 2-5 years from now this stock should be up significantly. Even with the writedowns, they are still making money. Bad loans will slowly but surely make its way off the books. Less competition than before. Swallowing two major competitors. I will go out on a limb and predict that 5-7 years from now, BAC will take out its all time highs. If you can sit and be patient, then I believe this will work for you. Plus there is the current government pressure to put blame on banks that is also holding this down. I bought at $4 (missed the lows under $3) and held to $19.60. (That was very close to the highs at that point.) I then started buying on the way down at $16 (Again, in hindsight, I should have waited longer, but no one is perfect). My average share price now is $13.87, so I am under water at this point. I am not worried. In fact I am overweight BAC. My prediction is it will break $20 within 2 years and $40 within 5 years. If you really think BAC is going to zero, then I assume you also think the entire US economy will either collapse or be on the brink of collapse. BAC has over 10% of all mortages/loans in the entire US, if I am not mistaken. Take a look at a 30 year BAC chart. We are at roughly 1993 levels. You are getting to buy in at prices of 20 years ago. Plus BAC can easily make $2 per year (50 cents per quarter, which is low balling) and at 10X multiple (which is low balling again) this is a $20 stock. I think the above is reasonable. But I am sure I will hear otherwise.