bank of america

I tweeted this stock chart of Bank of America (BAC) the other day. Since peaking out around $18, the bank has been retreating lower inch by inch and formulating a nice wedge pattern.

It is startling to think about the recent backlash against the banks. Robin Knight from cnbc.com wrote, ‘Bank of America is not too big,’ Moynihan said at the World Economic Forum in Davos, Switzerland. ‘Big by definition is not the question, it's a question of how you conduct your activities, how you manage activities and how you manage risk.’"

With the first week of 2010 nearly in the books, lets look at some mouth-watering stock charts…

Maybe I’m blinded from love, but I decided to add Bank of America (BAC) to my 4 stocks to buy in 2010, after doing the same in 2009. While the 8% return the stock saw last year was nice, I really thought the bank would have made further strides into 2010, so hopefully you can see why I decided to take another attempt with the stock this year.

BoA/Merrill Lynch see 1120 and 1084 as key levels for S&P500- According to BoA/Merrill analysts, bullish signal if S&P 500 closes above 1120, bearish signal if the S&P closes below 1084.
- See a break of 1120 would target a move to 1200-1250.
- Near-term resistance for the S&P 500 is 1100-1120.

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From Tom Petruno's Money & Company blog in the Los Angeles Times:

Numbers junkies, this report’s for you: The Institute for Policy Studies has published its 16th annual executive compensation survey, this one entitled, "America’s Bailout Barons: Taxpayers, High Finance and the CEO Pay Bubble."

From Tom Petruno's Money & Company blog in the LA Times:

Wells Fargo and Bank of America said today they would resume allowing customers to deposit California IOUs, which both banks had stopped accepting in early July.

I recently talked about Bank of America (BAC) making a 100% move. While I still believe very heavily in that theory, the odds of a straight shoot up are very unlikely, so we need to see where some support and/or resistance will be.

I was reading 2 different analyst opinions of Bank of America on CNBC.com. One analyst stated that Bank of America had seen a tremendous run up and would languish between $5 and $10 for the next few years. Another analyst stated that he thinks that BOA’s stock will double over the next year and triple over the next 2 years. Both of these analysts cannot be correct So who is right?

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Vix below 30, is the market stabilizing? Check out the S&P chart correlated with the VIX at this blog post.

Today, President Obama is expected to sign new legislation that will place limits on the fees and interest rates charged to consumers using credit cards (see WSJ article).