2010-01-05 11:35:57
Bank of America Corp BAC 1/5/2010 0:25 PM ET
$16.06 +$0.37 +2.36% Vol.: 113,231,503
Chart Checkup ( Short term, 15 minute / 10 day )
Moving Average Price Compare -- No current signals ( Neutral )
Moving Averages -- No current signals ( Neutral )
Bollinger Bands ( bullish uptrend )
BAC's recent volatility has been greater than normal. This is evidenced by the increased distance between the upper and lower Bollinger Bands. These bands measure volatility using standard deviation and a large width is due to high volatility. Additionally, BAC is trading near its upper Bollinger Band. This suggests that the stock price is high relative to its recent price action.
Stochastics -- ( Bearish )
The Stochastic Oscillator is registering a bullish signal as the %K line is above the %D; however the oscillator has moved above the critical value of 80 and is now overbought. The overbought condition means that the upwards momentum experienced in this stock is not sustainable.
On Balance Volume -- ( Bullish )
The On Balance Volume indicator (OBV) presently offers a bullish signal. This is because the slope of the indicator is positive and shows that there is considerable buying interest.
Price Channel ( Neutral )
BAC is trading within its price channel. This is a normal condition and suggests that the stock is neither overbought nor oversold relative to the price action over the last 5 minute period.
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The 2009 "tax loss" selling, and end-of-the-year "re-positioning" by mutual funds in 2009 generated tonnes of cash ... which is now being fed back into the market ... and hence fueling this rally. Shorting into an on going market rally is a money losing proposition. Second, based on the fundamentals, like Book Value (BV) and Tangible Book Value (TBV) (to name two of my favorites), I would NOT short BAC:
Bank of America Corp BAC 1/5/2010 10:46 AM ET
15.94 0.245 1.56% 64,937,026
BV per share (MRQ) $ 29.79
Tangible BV per share (MRQ) $ 16.31
BAC is undervalued. Tangible book value, a post-global meltdown metric, strips out intangibles to give a "bankruptcy" snapshot of a companies' value ... and by these metrics ... which I render to multiple websites (and to my brokers) so those individuals putting cash back to work are looking for undervalued companies ... like BAC.