$BAC$C holding onto my warrants tight. BAC+B target price $35 by expiration. C+A target price $15 by expiration
Bank of America Officially Joins Nav’s Small Business Financing Marketplace http://www.crowdfundinsider.com/201...ns-navs-small-business-financing-marketplace/
Nice little dip today on profit taking after the interest rate hike. A dip to $22, or if you're patient and lucky maybe $20 might be a good spot for a first tier buy if you're willing to hold for awhile since their should be 3 more interest rate hikes next year.
You have to look at how fast it went up, and the fact that the end of the year is approaching, we're about to have a new president ACTUALLY take office, and how overbought the stock currently is. It probably will make it to $25-$30 in my opinion, but that's quite a few months away if you ask me. A stock with the market cap of BAC is not supposed to go up that fast, so the likelihood of it continuing is pretty low. It's going to need to pull back a little to get rid of the short term holders and profit takers and then slowly grind it's way up higher. You'll probably get spikes (but much smaller) on it when fed announcements are approaching as there's supposed to be 3 more rate hikes next year. Like I said though, it's going to be a much slower grind than a few days. If I had to guess, maybe 2nd quarter next year you see that range (depending on the market of course)...
Earlier in 2016 when everyone was selling BAC, I was buying including during Brexit. Since then BAC has become the darling of the big banks as traders wait for pull backs to jump on board. Providing the FOMC moves forward in 2017 as expected BAC should remain the leader of the big banks chart wise, ( I did the same thing with VLY a regional bank that has gone uo significantly.) Currenty $22.10, I give BAC a $38 long term price target
BAC is expected* to report earnings on 01/13/2017 before market open. EPS forecast for the quarter is $0.38. If they are still in the cost savings mode, there is a fair chance they will beat. Guidance should be strong with de-regulation on tap.
ER on the 13th Wells Fargo Names Bofa Its Top Pick in Financials http://www.investopedia.com/news/we...ls-bac/?partner=YahooSA&lgl=bt1tn-no-textnote
That is a tough call right now as we don't how much is priced in. It is also against my principles to recommend a buy when a stock is overbought and BAC is nearing that level. With that said there is a fair chance they will beat and more than a fair chance the guidance will be good. If you can buy a pull back before the ER I think you would have a fair chance of making some money.
I've been watching this issue too. My longer-term 50-cent box by 3-box-reversal Point & Figure (P&F) chart is showing an upside objective of $30.50. But, as TTT said, it is overbought. I can see that on a shorter-term 0.50 by 1-box-reversal P&F where it had an upside objective of $22 which has been met. So in the short term it needs to build more cause (consolidate) for a while longer to effect a move to the longer-term objective of $30.50. So, I totally agree with TTT to buy a pull-back. My bottom line is that the large operators need slightly more time to re-accumulate before they will allow it to move much higher. If I'm correct that the ER is on January 13th, that may be just enough time for them to get it done. But it needs to dip (50 cents to a $1) between now and then in order to print enough columns on the short term P&F. If it can, then then the short-term objective would be $28 or $29. Then if it went all the way to the long-term objective of $30 it would be over-bought again short term and the long-term objective met...then it should go into a long consolidation period. On the other hand if it continues to ramp going into the ER then the short-term P&F will have an objective of only $26...a ways away from $30. So yeah, a dip here before the ER could be a nice gift. If not then I'd expect a dip after the ER. Either way I maintain the view that it will ultimately make its way to $30.
Good stuff, always like reading this kind of analysis, especially when I'm watching a stock. Thanks for writing!
Today is the day! It's been dropping fast this morning. Down to 22.77 (-1.30%). When would it usually hit the bottom of this trend? The end of the day? Looks like pretty much everything is dropping this morning, not just BAC.
BAC holding up decent considering the markets. Much depends on whether the market meltdown worsens or not.
I got some at 22.72. Thanks again for the speedy replies and advice. Hopefully we get some great news tomorrow morning!
To early to tell how it is going to move but up slightly in pre-market. I have to leave before the open but good luck to the longs. Bank of America Profit Surges 43% in Fourth-Quarter https://www.bloomberg.com/news/vide...rges-43-in-fourth-quarter?cmpid=yhoo.headline Heavy volume of 11.2 millions shares traded
