BAC, daily
Summary
My underlying outlook remains that the entire banking system is an insolvent ponzi/fractional scheme - which it is of course. No one can deny that. It remains truly remarkable the banking system has lasted as long as it has. Yet, basic math will catch up in the end, baring a secondary round of huge bailouts, many of these large institutions will not survive.
Near term targets
A break below the recent low of 6.75...and a fast move to $5.50 /5.00. If we break $5, then that would be suggestive that sp'1100 will not hold later this year.
Fair value remains: 0.00
