>>>>> I think the above is reasonable. But I am sure I will hear otherwise. <<<<<< Agree, very reasonable and actually commendable for someone at ET to go against the HERD. The HERD, as always extrapolates any continuing move to infinity.
here is my earlier post in this same thread (8-11-2010) But here's something else to thnk about .... so far everyone in this thread including me is bearish Bank of America. We need a bigger sampling, but such unanimous behaviour is not good. When eveyone at ET thinks one way, WATCH OUT. So, here is some other thought-ing about the once lofty bank ... if we get a nice big drop in price, which we should, but then momentum wanes and a major downtrendline is taken out and the Feb 2009 low holds firm, BUY, BUY, BUY and hold for 1000 years, even longer than Buffett or his grandchildren. My sole reason for merely suspecting this is shown in next post
repost from earlier in this thread ..... >>>> I'd say buying time would be around $3.50 to $6.00 .... <<<< between $11 and $6.28 is now my range to look for a major reversal and powerful rally northbound. We've already hit $11 but the reason I picked that level is because it was a good support.
Balance the called rally against the backdrop of fundamental info about banks in general ..... 25 bank failures in 2008 140 in 2009 157 in 2010 43 thus far in 2011 problem banks on FDIC list in 4th Q of 2010 hit 884 ------------------------------- yeah, bearish, bearish, bearish deadbroke urges caution in any event and watch the chart ONLY. There is no other TRUTH anywhere, never was, never will be. PRICE is the only truth there is. When he says go LONG, just go with it.