Smoking Securities

Half Baked High Finance

Bullshit is $BAC

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Bank of America (a.k.a. Countrywide Lynch) “surprised” the Street, and cratered to a new low.
This chart has been screaming sell for months, and unless you have a short investment time frame, stay away from this monstrosity.

The market is putting in a helluva rally at the time of this post. Volatility remains high, so my instinct tells me that this will be an opportunity to get short. Nevertheless, I’m not fighting the bulls until their demand is satiated (I already lost 10 cents shorting URE). I’m in cash, trading tiny positions because I’ve lost my mojo in this schizophrenic market.
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Written by chucklesamadeus

January 15, 2009 at 10:49 am

Posted in BAC

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