Monday, January 26, 2009

Bonus...a SICK bank...

Bonus time tonight...Several of my colleagues bought BAC on the recent drop...including myself. I haven't had time to look at the chart until now. Good thing I was only in it for a trade :) BAC has set up a huge bear flag. We see volume declining as well as negative divergence on the MACD histo. This thing is about to crash.

So if this bear flag plays out to its target...then BAC should be $-2.00 ! be fair...C and WFC are exhibiting the same behavior :-P