There is a lot of talk here locally about BAC moving its headquarters to Jersey in coming months. It is not surprise that the southern guys have lost their hold on their prized properties (BAC and Wachovia). Don't forget I got hate mail and malice from persons I knew when I spoke about the banking disaster many months before it happened but that's not the story here. The story is in the charts, what's next for BAC and WFC (took over Wachovia).
Here is what I am seeing: BAC is trading very weak, BAC has been trading in a contractionary range down to 14.12, up to a lower high at 17.18, and then down to lows at 14.68. Notice that the 200-day moving average is around 14.60, and the 50-day is at 15.90, hmm our trading range. What must happen for us to be long this stock is a substantial time frame above the 50day MA, which will be quite difficult therefore I hold that the opposite will happen that of a break of the 14.60 for a substantial period which 'SHOULD' trade us down to the $12 level. There is a 38 Fib number down by $12.85 area on this stock so I would be looking for that level to hold before we go into a tail spin if we do
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