Double Bottom for Bank of America (NYSE: BAC) Says Market Timer Frank Kollar
October 13, 2008 (FinancialWire) (By Frank Kollar)
Shares of Bank of America (NYSE: BAC) reached their bear market lows in July 2008 at $18.52 a share. After a three month rally, they are back at those lows.
Last week BAC reached a low of $18.99 a share before rebounding. Considering the extreme selling of financial stocks last week, the fact that BAC did not close below its July lows is very bullish.
The daily chart of BAC now shows a solid bottom is in at $18.99 a share. Monday’s rally took shares up to $22.79 a share.
A bullish trade here should have a sell stop just below $18.99 a share
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.
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.
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