BAC, daily
BAC, monthly
Summary
*BAC is one of the infamous 'holy trinity' I highlighted at the start of the year. Ironically, it seems that I gave one the kiss of death - Alcoa (AA), whilst Ford (F), remains broadly subdued.
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After a rough January, BAC has been broadly choppy, and is clearly stuck under $18, which is a rather key threshold.
Right now, the $18 level is around 10% higher. Considering recent price action, it would seem BAC will remain stuck under $18 until the Fed raise rates.
Of course, if the Fed fail to have confidence to initiate an attempt to at least semi-normalise rates to 2-3% (across the next 2-3 years), then BAC will have even more trouble breaking >$18 than it currently is.
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*I will have eyes on picking up BAC in the late summer.. not least if the broader market has seen some sort of sig' retrace/correction, on the order of 7-10%.. at least back to sp'2000.. if not the mid/low 1900s. Most bearish outlook is for the $14s by late summer, although that won't be easy.. even if the market is briefly spooked by something.
