BAC broke the $10 resistance for the first time in over a year and closed that day at $10.46. It's at about 10.56 now and I was wondering monkeys think about it. I took losses earlier this year and finally made them back. Also bought some $10 calls the week prior which was a nice profit. Are you selling to lock in the gains or do you think it will continue its climb? Are you planning to buy on a dip? I think any impact Obama or the fiscal cliff could have are already priced in to some degree.
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Investing based solely off of technical indicators is a sure way to lose all your money. Just saying.
Liked it in the low 9s, less so now. I mean it is undervalued on an asset basis, but bank ROEs have not recovered 4 years out and it doesn't look like that is about to change. I think you could definitely see some further gains out of it, but I am not buying.
Then again, I have a bit of a contrarian bias - I could be wrong and it could double in the next year. I am not an expert on banks.
Short term indicators all point toward a small rally in BAC.
I loved it (and bought calls) at $7.50 over the summer, dumped at $9.50. Has been fluctuating around this price until it broke through $10. I would say it has $1-2 MAX to run before a retreat starts.
Price to book on BAC is VERY low, and even at $15, BAC is undervalued. But without a resolution to the fiscal cliff issue, BAC's rally will be limited. HOLD.
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