Wednesday, December 21, 2011

BAC - retest of 2009 low coming?

On August 25th Warren Buffett invested in BAC. I was skeptical. Today the stock is struggling to hold $5 and looks more and more like it will head for the retest of 2009 low.

If stock market is to bottom, financials have to at least stop sliding. Will BAC retest of lows coincide with a lower low and a bottom on SPX in the beginning of 2012, just like in 2009??
Keep your eyes on BAC...

click on chart to enlarge

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