Wednesday, January 5, 2011

Bank Run Continues

I mean Bank of America's share price. Today it broke decisively above the 200-DMA on a larger volume than yesterday, though less than on Monday. Congrats to those of you who joined me. The stock almost reached the target price I mentioned, $14.56.

Now what? It is a good place to sell, though I have a feeling that there will be one more final push before it corrects, like April 2010. Look at slow stochastics at 60 and 133, and compare the present with April 2010.

One more push, and then WikiLeaks hits BAC...? Maybe. Maybe not. I haven't decided what to do with my tiny position.

Here's the Point and Figure chart of BAC. It was a bullish reversal day, with the bullish target of $22. I have little doubt that it will get there, thanks to Helicopter Ben. Just the matter of when.

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