Closed my position for a little over a 1% gain today at $26.932. Volatile market so I decided to abandon the trade plan and just take what I have right now. I can always get back in.
So far, everything is going according to plan. There was a reversal at the lower border of the channel, from 26.00, as I expected.
Bank of America is moving clearly in the channel. You can play in the channel. Stochastic can serve as an additional assistant, except for the channel. Now the stochastic is overbought. Time to sell from the top of the channel.
I had a support line drawn in on this one back in the beginning of 2017. Just pulled it up and look at the price
Shares of Bank of America (BAC) continue to collapse lower after the Federal Reserve lowered interest rates to near zero. The banks will have to continue to diversify their portfolio in order to make money. The good news is, these big banks are at no risk (right now) of going out of business. The question is, where is the Bank of America institutional buy level? Based on talking to various fund managers that are sitting with cash on the sidelines and analyzing the stock charts closely, it appears there is an epic level at $18.00. The low of today was $19.73. This means the Bank of America institutional buy level is not far away. This $18 level would also be an approximate 61.80% Fibonacci retrace from the 2009 lows (the financial collapse) as well as a 50% drop from the recent highs. Investors should be eyeing this level as a major accumulation zone on Bank of America. It is likely that investors will dream about these levels in a year, wishing they had another chance to buy. Most investors are too fearful to buy when panic is hitting, but common sense will hopefully prevail. Gareth Soloway Chief Market Strategist InTheMoneyStocks
Having had their credit card for the past 36 years as a pay-it-off-monthly user and just recently freeing myself from these predators, I would take great delight in seeing this too-big-to-fail racket come to justice...just saying.
