Bank of America: The Canary In The Mine?

[FaninAma]

I may need a point of clarification form the mods on this thread. It is a financial/economic oriented thread although I know these can devolve into political pissing matches fairly quickly.

Anyway, even though the general equity market is in the midst of a very up day Bank of America (BAC) is sucking major @$$. Insiders know something. This stock looks like a deadman walking which cannot harbor good news for the general economy or markets.
http://finance.yahoo.com/q?s=bac

IF the largest bank in the country is headed down the tubes it will have major aftershocks. And if BAC is on life support then it's sickly cousin Citibank can't be far behind.

Some days I am just one big freaking ray of sunshine.

[SCOUT]

I appreciate your insights Fan. What do you think about this guys take on BAC

http://dealbreaker.com/2011/08/dick-bove-short-all-the-shares-of-bac-you-can-borrow-but-it-wont-do-any-good/

[Sooner_Tuf]

BAC is like the redneck of Banks. I picture the CEO saying "Hold my beer and watch this".

[Phil]

I may need a point of clarification form the mods on this thread. It is a financial/economic oriented thread although I know these can devolce into political pissing matched fairly quickly.

I think you're OK here for now, but if it devolves into a policy discussion, it'll need to be moved.

[SanJoaquinSooner]

I may need a point of clarification form the mods on this thread. It is a financial/economic oriented thread although I know these can devolce into political pissing matched fairly quickly.

Anyway, even though the general equity market is in the midst of a very up day Bank of America (BAC) is sucking major @$$. Insiders know something. This stock looks like a deadman walking which cannot harbor good news for the general economy or markets.
http://finance.yahoo.com/q?s=bac

IF the largest bank in the country is headed down the tubes it will have major aftershocks. And if BAC is on life support then it's sickly cousin Citibank can't be far behind.

Some days I am just one big freaking ray of sunshine.

I don't think it's insider knowledge. It's just nobody can see how earnings grow for B of A. They're heavily tied to mortgages and earnings growth just isn'tt there.

I also understand they have some China holdings that may need to be dumped. Not sure of the details on this.

[Mjcpr]

Some days I am just one big freaking ray of sunshine.

Some?

:D

[Turd_Ferguson]

I appreciate your insights Fan. What do you think about this guys take on BAC

http://dealbreaker.com/2011/08/dick-bove-short-all-the-shares-of-bac-you-can-borrow-but-it-wont-do-any-good/

Check out the comments section:beguiled:


all your balance sheet are belong to us

[StoopTroup]

Check out the comments section:beguiled:

Heh!

all your balance sheet are belong to us

-A. Mozillo

[sheepdogs]

Chances are Skank of America is a good buy at the current levels. Wall Street has a knack for overdoing things and that usually translates into the price placed on equities as being either too high or too low given the current scenario and in this particular case it's probably too low. Selling covered calls would help to defer further price deterioration and lower the breakeven price as a way of hedging the investment risk.

[Turd_Ferguson]

Chances are Skank of America is a good buy at the current levels. Wall Street has a knack for overdoing things and that usually translates into the price placed on equities as being either too high or too low given the current scenario and in this particular case it's probably too low. Selling covered calls would help to defer further price deterioration and lower the breakeven price as a way of hedging the investment risk.

http://bbsimg.ngfiles.com/15/20609000/ngbbs4b4a80c493e99.jpg


ENGLISH MOTHER****ER!!1 DO YOU SPEAK IT!?

[sappstuf]

http://bbsimg.ngfiles.com/15/20609000/ngbbs4b4a80c493e99.jpg


ENGLISH MOTHER****ER!!1 DO YOU SPEAK IT!?

What?

[Position Limit]

well at least mozilo can enjoy his martini's at the bel air country club. and john thain can be free to work his insane ceo magic at CIT group. is this a great country or what? if you build it, they will come.

[mgsooner]

Uncle Warren rides to the rescue

http://www.reuters.com/article/2011/08/25/us-bankofamerica-idUSTRE77N4J420110825

[OhU1]

Damn you Buffett. Couldn't you have waited another few hours? I was positioned to pick some up at $6.50 today which I expected from at least an interday pullback.

Looks like some BAC shorts just got pulled down by Warren.

[Oldnslo]

Too big to fail!

[OutlandTrophy]

http://www.businessinsider.com/2bg2fail-license-plate-evolves-into-mna-guy-2009-12

http://www.beechtalk.com/forums/download/file.php?id=22701

[StoopTroup]

When we stopped kicking in the doors of Cayenne Turbos and leaving notes on the windshield telling them to buy a Chevy or a Ford...America was lost.

[soonercruiser]

Lost the reference, but was reading about BAC a few days ago. And the outlook wasn't rosy.
That could be the big kick-start of the double-dipstck.

[prrriiide]

Upon news of Uncle Warren's investment, the stock jumped up, earning him over $250M in less than 5 minutes. By the end of the day that had topped $1B. Not a bad day at the office.

De salud!

[StoopTroup]

Upon news of Uncle Warren's investment, the stock jumped up, earning him over $250M in less than 5 minutes. By the end of the day that had topped $1B. Not a bad day at the office.

De salud!

God Bless America!

That's the kind of thing that will save us all.