Bank of America (NYSE: BAC) Approaching 2000 Lows Says Market Timer Frank Kollar

July 15, 2008 (FinancialWire) (By Frank Kollar)

Shares of Bank of America (NYSE: BAC) are rapidly approaching their 2000 panic lows at $18.15 a share after closing Monday, July 14 at $20.15 (down $1.52).

With the investment arena littered with demolished bank stocks, a look around for potential long positions may be worth the time. Most of those hit hardest are so low that they are approaching penny stock status and no positions appear worthwhile unless you are a speculator.

But Bank of America is closing in on a support level of interest. The 2000 lows at $18.15 a share are $2.00 below current levels and this level should offer strong support assuming it is reached in coming weeks.

Watch for a bullish reversal pattern at or near $18.15 a share. Consider support as a good place for a buy stop. Any bank stock positions should be taken with the expectation that they are riskier than usual but have the potential for greater than usual profit.

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.