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Bank Of America Sees 10% Market Downside After Uptrend Breakdown, Says To BTFD
BofA's chief chartist Mary Ann Bartels chimed in on last week's market correction, in which as many observed, the market briefly dipped to unchanged for 2011. As Bartels points out, with the August uptrend now breached, and various technical supports taken out, there is a possibility for another 10% drop in the broader index. Of course, it wouldn't be a Bank of America report if the conclusion was not the one and only permitted one: BTFD.
From BofA:
S&P closed below 1270 on higher volume - oversold yet?
Yesterday was not a 90-day down day for the US equity market, but is was a day where the S&P 500 closed below 1270 support on expanding volume. Several short-term indicators, the McClellan Oscillator, 10-day TRIN, and the 5-day put/call ratio (side bar), are oversold. In fact, TRIN was above 3.0 yesterday, which is most oversold reading since the August and November 2010 lows. A short-term rally is possible (S&P futures up overnight), but the difference between now and November/August that the S&P breached support on higher volume suggesting a deeper pullback. In August and November 2010, supports held.Our theme is the same – we see pullbacks as buying opportunities. Next support is 1220-1170. A pullback that holds above or near 1220 would represent a successful test of the December 2010 breakout above those highs, which would be bullish for the US equity market intermediate to longer-term. There is no technical evidence to suggest an end to the cyclical bull market that began in March 2009. Resistance is 1350-1375. Our target on the S&P 500 remains 1400.
We once again reiterate our conviction that any attempts to predict headlines are foolish for short term trading action, while the only variable for the long-term direction is whether or not there will be a QE3. If yes - the dollar destrution will continue meaning nominal stock prices will rise. If not - watch out below.
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i will listen and BTFD, just as long as we can put a bullet in Mary Anns head if she is wrong....i mean there should be some consequence if she is wrong ! otherwise whats risk in always saying BTFD
who would've thought technical analysis is such a dangerous job!
i think miss bartels analysis is excellent. why haven't we heard more from her?
Wow, BTFD, what a unique and new strategy, thank you Mary Ann. You make me so happy about all the taxpayer and Fed-printed monetary freebies that your crappy a-hole bank employer has sucked out of the veins of the American people.
And keep up them ATM fees, pricks!
Lets keep the viral campaign going!
Crash JP Morgan, Charge Silver!!
http://silverdoctors.blogspot.com/2011/03/crash-jp-morgan-charge-silver....
The only dip I'm buying is Sprott's Physical Silver Trust (PSLV).
Not toxic bank stocks.
Is that what Cramer says?
Today, yes. Tonight, no. C'mon man!
I heard a guy say on the train the other day, "man, we're screwed if they keep up that qualitative teasing..."
Truer words have never been spoken.
+1
She makes me want to puke..... and I don't even know if she is ugly.
Just googled an image of her..... puke^2
Speaking of BoA, anything more happening with the Anonymous leak?
Mozillo has been sedated.
Been wondering the same thing myself. Incase you need some BOA info to tie you over...
http://vigilantcitizen.com/sinistersites/analysis-of-the-occult-symbols-found-on-the-bank-of-america-murals/
Well, if the criminals in charge of the Blight on America bank say buy 1170 on the S&P, who could argue it? I mean if you need criminal advice in a rigged and corrupt market, the Blight may just be the best source of info.
Which means you should sell the piss out of S&P 1300...which curiously, "the market" keeps treating as if it were plague.
Hmmmmm? The only thing to ask before you act is...which nation is now just bursting into flames? Oh...and the other only thing to ask is just how fucking stupid are the morons pumping casual dining stocks in the midst of this cluster flock of freakin' black swans?
And where is my damn Valium!
So are they recommending I buy some AIB?
http://www.dailytimes.com.pk/default.asp?page=2011%5C03%5C22%5Cstory_22-3-2011_pg5_14
If equities do continue down, capital flows will continue to go to the CHF and JPY in a much greater % than to the USD. If flows are to go to the USD, we will need to hear some tightening language out of the peanut gallery.
IMHO as long as we don't know the "faith" of QE3, there won't be much going on but sideways, in 1%-2% swings. Oil being also manipulated, makes no sense trading! Downside, what downside with POMO each and every day?!?!
The panic-inducing downside that justifies QE3, of course.
STFD, BTFD. Do the Double Dip.
Bankofamericacountrywidelynch sucks
right away nancy
P.S. We need you to bid up stocks another 15 or 20% so we don't implode... so be a sport and BTFD.
Sincerely,
Ben Bern... err.. Mary Ann.
30Y
Long Bond catches a bid.
http://www.zerohedge.com/forum/99er-charts-0
http://search.bloomberg.com/search?q=Mary+Ann+Bartels&site=wnews&client=...
She is momentum chasing trick!
Now that's funny.
I really wonder what it would be like to work in an environment where my decisions are virtually consequence free and get paid to make brainless momentum calls that I don't actually have to trade on.
Momentum chaser is accurate. She has appeared with none other than the "Fast Money" shark pool on several occasions.
I bought the fucking dip and the tortilla chips. Getting so tired of popcorn while watching this slow motion trainwreck.
Beware of the book-talkers who ignore the huge headline risk that is present.
When all the experts agree......
I posted this last week, but here it is again...from UBS last week:
US equity markets: A human, not a market tragedy
• First and foremost, our hearts go out to the Japanese people
and those affected by the horrors of the past week. From a
global markets perspective, however, while risk appetite has
clearly waned, we believe the overall economic impact will be
limited.
• Japan accounts for less than 10% of global GDP and direct S&P
500 earnings exposure to Japan is likely less than 2%. A severe
recession in Japan – which is not our base case – would reduce
our 2011 global GDP growth forecast of 3.8% by just 0.2 - 0.3
percentage points.
•Our 1,350 S&P 500 target is based on the midpoint of our
expected P/E range of 12-14 times our 2012 S&P 500 EPS
estimate of USD 104. With the S&P 500 now trading closer to
the bottom of our valuation range at 12.3 times next year’s
earnings, we recommend buying the current 5% dip.
They need greater fools to keep the ponzi rising.
Short the dump.
S H O C K I N G Better late than never aye pledges.
eye patches for all!!
http://apeakunderthehood.blogspot.com/2011/03/used-house-or-used-lexus.h...
Used House or Used Lexus
Some opposition lawmakers told the Diet committee that the government should make the Bank of Japan purchase long-term bonds directly from the government and help support public finances, a measure that the Public Finance Act permits only in exceptional cases.
Sound Familiar ?
http://english.kyodonews.jp/news/2011/03/80253.html
I think "BTFD" should be added to Websters dictionary.
Not there yet, but on the way, no doubt -- to at least the "Collegiate Edition."
http://www.urbandictionary.com/define.php?term=BTFD
"another 10%"???? we're not even down 5%.....
Clairvoyant: Drudge reports Dallas Federal Reserve Chairsatan Richard Fisher says the USA is on the path to insolvency, "Tipping point."
This line: There is no technical evidence to suggest an end to the cyclical bull market that began in March 2009.
Actually means: I have no fucking idea what I'm talking about except that we're in the middle of a bubble melt-up inside a SECULAR BEAR MARKET. In the meantime, buy some iTunes for your stupid fucking iPod, stock up on Applebee's coupons and BUY THE FUCKING DIP YOU FUCKING IDIOTS (BTFDYFI) until the plumes of radiation from Japan's meltdown engulf the world and it all goes up in flames.
Sorry, bulls.
Cramer just sealed your fate, like so often in the past, with his epic(ly wrong) calls (remember GOOG to $1000 in '07?):
03-22 14:47: Netflix is worth double the current price, Jim Cramer says on CNBC
Over $600 Million insider sells in less than 2 hours:
http://www.secform4.com/insider-trading/70858.htm
Just some housekeeping I'm sure.
WOW!
Sorry, what does BTFD stand for?
http://www.youtube.com/watch?v=jllJ-HeErjU
why does Zerohedge keep doing this? Censoring all good predictions, taking only the bad ones. Even if the prediction is coming from the biggest load of shit-bank in the world. Bank of America, c'mooon. TBTF crippled shitpile of shit-'bank'.
http://www.youtube.com/watch?v=HZsJcdLwyTY david einhorn at Charlie rose!!
I went into the BofA this morning and they only had one teller working. (usually 3 or 4)
There was one guy in a suit standing behind her watching everything she did. It reminded me of the nazi guy in Schindlers list timing how fast the Jew could make a hinge.
I asked her if they were missing some people or if they had laid everyone off and she just gave a very nervous sounding giggle.
There was a big line of people waiting and that dickhead just stood there watching her. I was thinking that if they really cared about their customers that asshole would open another terminal. He's probably too good to do that kind of grunt work.
At some point BAC and Citi will go bust to zero imo and be taken over the the Uber Banks who control the world----Goldman Sachs and JPM.
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You can buy the dip at DJIA 10500 but beware to SELL in June at 11500 before stocks go down from July 2011-March 2012 and beyond. See February 6th chart which predicted the dip, but also predicts second recession in the USA in q1 2012 and decline in stocks prior to that:
http://www.saposjoint.net/Forum/download/file.php?id=2608
Every single M.A.B. prediction of the past year has been wrong - i.e. stocks went down later and less than she predicted.
Since the Little Chair-Satan and the Big Wall-Street-Satans possess unlimited fraudulent tools, such as raising bank dividends when stocks tank "due to international distractions", the only events which may now tank stocks are strategic, creative destruction scenarios envisioned by people like Stephen Lerner and Max Keiser - to crush JP Morgan Chase.
http://www.businessinsider.com/seiu-union-plan-to-destroy-jpmorgan
To arms, brothers of freedom. Crush all the Too Big To Fail banks.