Bank of America (BAC) looks like either it will be nationalized soon or will recover quickly, the chart currently favoring the former. The volume confirms that this move is for real but we are at an extreme condition. Daily RSI broke 20 today signaling oversold conditions and the Bollinger bands got left in the dust. Capitulation or bankruptcy?
Tuesday, January 20, 2009
Lights out for BAC (Panic/Run on the Bank)
Bank of America (BAC) looks like either it will be nationalized soon or will recover quickly, the chart currently favoring the former. The volume confirms that this move is for real but we are at an extreme condition. Daily RSI broke 20 today signaling oversold conditions and the Bollinger bands got left in the dust. Capitulation or bankruptcy?
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1 comment:
Answer: Capitulation, at least for a while.
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