Last night while the overall US market was bleeding away, BAC displayed the best trading opportunity for buyers who looked to long in the short and mid term. It was the first time where all the big players' activity was detected after a major distribution campaign a few months back. I am not sure if this is the lowest level for BAC, however I am very sure this is the first time one should look to buy. Coincidentally, as I was reading news on BAC, one article came up which said "Bank of America short interest fell to just shy of 88 million shares at the end of May from slightly above 100 million shares in the middle of the month." This tells me that the short sellers are slowy drifting away from short selling and selling was seen abated.
http://www.thestreet.com/story/11149806/1/bofa-shorts-scatter-as-stock-hits-new-lows.html?puc=tscmarketwatch&cm_ven=tscmarketwatch
I am sure they are looking to put this stock up in the following weeks to come. Look to long on a reaction!
Ronald K
