Mon November 22nd 2010
Bottoming Period for Bank of America by Mike Paulenoff
The insider trading news, along with the mortgage crisis and
perhaps an association with the Irish-EU banking crisis, have
combined to clobber the major money center banks like Goldman Sachs
(GS), JP Morgan (JPM), and Bank of America (BAC).
The way the BAC pattern is unfolding on the downside, my work
argues that all of the price action from mid-October through the
present represents a major bottoming period for the stock.
To get any traction on the upside, and to confirm that BAC has
established an important secondary low in the vicinity of 11.30 and
11.00, the price structure must rally and sustain above 11.70.
Let's see if BAC can claw its way back to test resistance at 11.60
during the upcoming hours.
Mike's mid-day minute - BAC
Posted by curtis on 22nd of Nov 2010 at 02:44 pm
Mid-Day Minute for Mon November 22nd 2010
Bottoming Period for Bank of America
by Mike Paulenoff
The insider trading news, along with the mortgage crisis and perhaps an association with the Irish-EU banking crisis, have combined to clobber the major money center banks like Goldman Sachs (GS), JP Morgan (JPM), and Bank of America (BAC).
The way the BAC pattern is unfolding on the downside, my work argues that all of the price action from mid-October through the present represents a major bottoming period for the stock.
To get any traction on the upside, and to confirm that BAC has established an important secondary low in the vicinity of 11.30 and 11.00, the price structure must rally and sustain above 11.70. Let's see if BAC can claw its way back to test resistance at 11.60 during the upcoming hours.
Caveat Emptor! This is a
Posted by PA on 22nd of Nov 2010 at 02:51 pm
Caveat Emptor! This is a case of a guy talking about technicals without knowing any fundamentals, a recipe for disaster
Take a look at the monthly chart at least
BAC
Posted by hazbin1 on 22nd of Nov 2010 at 02:55 pm
if your buying BAC your not worried about fundamentals, because there is nothing behind the curtain