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BAC Breaks 4 Handle, Drags Entire Market Down
As definitive evidence just how fucked up this entire market is, here is what happens to the ES the second the infinite BAC Bid at $5.00 finally gets taken out. This is the ESH2. That's right - the entire market moved tens billions in market cap because the Plunge Protection Team just failed at protecting the "precious" $5.00 level.
Goodbye $5.00 BAC, we hardly knew ye:
Those in pain:
Goodbye:

h/t Hedgeless Horseman
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Take your money out now if you are still dunb enough to have an account at B of A!! MFG2??
Love it when ZH drops the F-bomb - Fuck yeh!
God bless (Bank of) America
the "plunge protection team"can now rest
I doubt it...
"no rest for the wicked"
Until we close our eyes for good.
They will try like hell to close it at 5
You know Moynihan's gotta be on the phone (tweeting?) Timmy and The Bernank like a SOB right now...
anybody hear from uncle Warren yet ?
Smash them !!
BAC customers - you better keep an eye on your "segregated" accounts
You mean the ones backstopping 57 trillion of hyper-hypothecated bets by trading savants at BoA?
I've got a dead IRA over there with some CEF shares that I'm sure they're rehypotheticating at this very moment.
I really like journalism that uses real language like "fucked up" and not just nice politically correct words. Thank you, ZeroHedge for being the only source of sanity in this crazy time.
You can say that again
You can say that again
PPT team need some BAC UP.
Reuters to report a Middle Eastern Govy fund to buy oodles of Skank of A stock in 5...4...3...
What was that? I'm having trouble seeing my screen around my raging erection!
Dont worry, 10:1 Reverse split should bring it back above 40
BOA Below $4.00 cues $3 Trillion of QE3.
Gotta love all the "liquidity"... Nobody is gonna learn a thing till they blow the whole market up. (and we're getting to that moment quickly)
Hanuukah Fairy is definitely not kind to Bruce Berkowitz this year.
He must have been very naughty.
92m shares average price of $15 per. does one triple down now?
I hope so; that'll show 'em.
Just read a headline "Eurozone countries to boost IMF resources"....
HAH!... Can you believe they are still trying to ramp?!?
Buffet bet underwater 1.5 billion at least.
Buffet holds preferred, not common shares. In the event of liquidation and he gets paid a fixed dividend (paid before common stockholders). If you hold common stock, good luck to you. The Bathtub Prophet is not taking a bath on this one, at least not one as bad as a common stockholder will. He will write off the loss (if any) to offset any gains for 2011, and it is a wash.
It's preferred and it's also underwater. Their is a caveat of a forced secondary as it breaches $5 appparently though. Who said Buffet is not for the common man. <sarcoff>
What, a 3 PM waterfall in TBTFs, and no 3 PM juice? Ben, help! Robo! Waaah...
Nobody saw this coming!
Sink, you fucker!
I say BTFD. No way TPTB will let this go on for long.
Junk on all you want, you´re just shooting the messenger. And you know perfectly well BoA is trading at $5 before the end of the week, perhaps even before the session is over...
Too many balls. Time to load up on GS puts.
You're correct, of course; but this is hardly a bastion of logic; or the home address of actual skilled stock market investors. Just ignore the peanut gallery.
Uh-huh, perhaps you should seek the great wisdom of the Yahoo Finance forums, then?
And BAC is trading at...$5,12. What a fucking surprise. Now, go fuck yourselves, tradetards.
Proceed to ramp in 3,2,1....
Good news is the ATM Debit Card fees are back at $4.95.... wait 4.94.. oops 4.96, just to be fair
I think Buffet's heading to Margaritaville for the holidays.
So some silly bank going below some certain $ point is enough to send my already ludicrously unloved (but highly profitable!) Kinross Gold down even more...?
There are INVESTORS and there are SPECULATORS...then there are MACHINES and GAME-PLAYERS and CROOKS and TWITS-AND-IDIOTS...
Gotta agree Kinross does look attractive here...
Everything looks cheap here; ABB; F; GE; almost anything would be better than a mining stock. ABB is probably the best stock to hold for the next 10months; remembering that the criteria is risk/reward. The risk is practically non-existant; there's a good dividend and if you use 2-1 margin to buy it it will be a nice profit at $24.50.
You're wrong, there are no investors. There was never any reason for you to own a mining stock; the standard story that they exhibit reliable beta relative to the underlying metal is simply false. Read library books about markets. It's not the markets fault that you did something foolish that you could of learned was not desirable. So, now that you know better, be alert for a chance to unload your mining stock.
We're not finished yet. Wait a few months till gold takes off again and THEN we'll see.
I've never understood dividend-chasers or beta-chasers or lovers of consumer-dependent stocks.
nice $5.
"They" saved BAC in late November, just as it was about to plunge to the depths that lie below $5/share.
Now, here in December, it does exactly that. What will "they" do this time?
I say "they" let BAC go this time. After all, "everybody" expects "them" to "save" it.
What better way for "them" to fleece "everybody"?
Merry Fucking Christmas, bitchez!
I say buy calls and puts -- it's going somewhere!
BANK-rupting OF AMERICA at $4.93: tell all your friends to close their accounts until it goes to 0 and join the bank bashing holiday party!
If I've said it once, I've said it a gazillion times... BAC has no bid'ness being in bid'ness. I hope this puppy drops all the way down to sub 2.5, but I know the crooks in the fins and hedges will be buying this shit up soon nuff. Sub 5 likely will not be for long.
Kyle Bass said today was the day that we witness the beginning of the end. Alleluia!
that top chart looks like a dying squid
OWS and other groups need to step-up the pressure.
Bad PR using forclosed families right before X-MAS is a BAC nightmare...and another round of depositor withdrawls.
I would bet they will use tech stocks to pull the Market back up.
Watch Aapl, goog and Amzn.
When does this thing go no-bid because the PPT owns it all already?
Oh never mind, at that point they can make the market do whatever they want as they buy and sell it to themselves all day.
Soon the rush for the few lifeboats will begin as the realization that the deck chairs will rearrainge themselves dawns...
Housing is not recovering in a way that helps banks or the GSEs. Even worse, LOOK AT THE CHART OF FEDERAL DEBT AND GSE DEBT! What were these people thinking?
http://confoundedinterest.wordpress.com/2011/12/16/housing-starts-and-home-sales-sneak-peak-for-next-week/
Is this going to affect the BAC bonuses ;-0 And dividends ? and vacation getaways ? and corporate benefits ?
When does the Pope (yes, that pope) walk into the room and lay down the law ?
After MF Global and now BAC...what else could go wrong and require serious divine intervention and SHTF kickass ?
as i looked up bac current price a comercial about bac customer loyalty came on . i laughed so hard
Allahu Akbar! Olly Olly Oxen Free! Bankrupt America Runneth Over!
WSJ quoting ZH
http://blogs.wsj.com/marketbeat/2011/12/19/bank-of-america-cracks-5-mark...
WSJ quoting ZH
http://blogs.wsj.com/marketbeat/2011/12/19/bank-of-america-cracks-5-mark...
Only thing I can say is Whoops! Somebody dropped the soap.
Now it's up to the PWG to save the PPT as Chanos will come out and state he's short BAC-- afterall in a centrally planned world why not make money either way.
Here's hoping my $1 bid will fill before EOY.
Waiting for that push up at just before the close
Absolute carnage out there and the DOW is down...1%. And you know they will do everything to close BAC above 5.
They keep trying to break the 4.97 level and get pushed back down...
Only 2 positive Dow stocks are merck and pfizer - apparently banksters are going to need a lot of sedatives.
Seems to me somebody bought a large a hedge that BAC would break $5 on the downside. It's his birthday.... it's his birthday...
Take out the Bernake put and DJIA would be like 10k.
The market is a fragile dominatrix.
Grab your choke ball and anal beads.
Dear BAC,
We would love to work with you to resolve your stock price delimma but it is not our policy to assist in these sort of matters. You now have 30 days to evacuate your corporate offices or you will be forcibly removed by the local sheriff's department. Once removed we will do absolutely nothing with your property and as a consequence negatively impact all the other corporate shitbags around you. As a result of this abandonment on our part we will not only drag down the value of the other corporations around you, we hope to also negatively impact the state and local governments that will be forced to tear down your soon to be delapidated office space exasperating an already dire local government financial situation.
We honestly want to help you but if we help you then CitiGroup, Wells Fargo and other douche bags banks would expect their handout also...and we can't have that can we? Don't think of the sub-$5 stock price and ejection as a negative but an opportunity to start a new life or business.
Signed - Fucking Karma
I'd bet anything the FED is shadow buying BAC to keep the $5.00 line; probably through J.P. Morgue.
LOL. $5 per share at 4:04.
Of course!
What a fucking joke.
Why am I not laughing?
FED used Merrill Lynch desks to keep it at $5.00.
Ben: "It doesn't matter how much, you have an unlimited line of credit to buy whatever it takes to close BAC at $5.00 or higher."
He then opened up the FED bottomless pit swap line of credit of 1' and 0's with the keystroke "Ctrl + $"
There you go....4:03 and they were able to jack it up to $5.
Cuntzz in action. PPTeam and Uncle Bennie throwing in to keep this sham going.
Seven hundred million shares? Say it ain't so, Uncle Warren!
will uncle warren want a new train next year?
stat tooned!
Buffet has preferred shares in BAC, the only people that will be screwed are the tax payers. The FDIC is already on the hook for the depositors and the trustee will make sure the right people are taken care of. We all know how it works.
Also glad to see Warren lose a few schekels...
All the red lights flashing just like 08. Swap lines, secret bailouts, bank failures, penny bank stocks, et al. If they are able to hold the system up even 12 more months it will be a miracle.
That red light ain't rudolph this Christmas.
No shit, the govt. is scamming and pickling the numbers of how deep in the hole we are. No fukin way they keep this cam going long enoght to get O'Bam-Bam relected. Hope you'all have cash on hand, PM's, food, water and bang sticks or you can just join the pillaging Zombie crowds...
50 Trillion in derivitives. Nobody is getting shit from this forkin Ponzi when the scam finally falls apart.
BAC should reverse-split like C; it worked for them.
BAC's true worth, by Smashing Pumpkins
Zero-
My reflection, dirty mirror
There's no connection, to myself
I'm your lover, I'm your zero
I'm the face in your dreams of glass
The battle for the penny.
Tug of war between $5 and $4.99 in after hours is one hell of a show!
That one penny makes all the difference in the days and weeks ahead.
I was thinking the same thing, looking pretty impressive so far! Holding at 5 flat right now... we'll see...
Plunge Protection Team : the plunge was safely protected all the way down. Nice work boyz! :)))
Move those fuckers to otcbb, soo we can beat the stuffings out of them for good! btw..funny how the common price is the same as those proposed debit fees.........Karma BITCHES!!!! HAHAHAHAHAHAH
PINK SHEETS Uncle Warren you dumbass...
Move those fuckers to otcbb, soo we can beat the stuffings out of them for good! btw..funny how the common price is the same as those proposed debit fees.........Karma BITCHES!!!! HAHAHAHAHAHAH
Yup NY fed going to have to step it up. 4.99 at 4:18.
Anyone else out there own skf? If so are you also suprised it is 66 bucks and not 150? Bunch of crap....
...and as for tomorrow, besides what ZH has astutely forwarned about watching washington this evening, we now have the VP of Iraq arrested.
Of course it's speculation that might not mean anything....but...when the highest ranking SUNNI leader gets arrested in SHI'ITE-land (not to be confused with BAC which is shitland), right after our troops leave, one probably should not be bullish on sectarian peace in Iraq.
Just another thing for the markets to digest along with the UN-Jong. Will he fizzle as the UN-leader? Or become another red spot on the ground? One should be sure to be 7 Sigma-UP on the news.
Glass-Steagall
where is Ken Screwus ???
'Axis of Ponzi' breaking down. Oh my!
a penny , between $4.99 and $5.00 , for your thoughts Brian
Bernank hurting fingers at keyboard - 3:55 p.m. EST - BAC screen via Merrill Lynch backbone connection:
Ctrl + $
Ctrl + $
Ctrl + $
Ctrl + $
Ctrl + $
Ctrl + $
...
Back in the old days , you couldn't short below 5 bucks.
These days, with fairy tale leverage, freeze as in short
squeeze , it is no longer quotable in degrees fahrenheit
what time-to-death you 'll be betting on.
Fidelity is not in the list. Note they got out and stayed away from the madness. Very interesting. Fidelity owns nearly all the stocks in the market and often are listed near the top of companies. Johnson family didn't play this time.
gotta love the spin doctors....this quote is classic attempt to pin weak markets on something other than the collapse of the financial ponzi:
"suggesting investors were calm after the shock of the Korean news wore off"
So what happens to an ETF's price if a stock it shorts does a reverse split?
well, if you held 1000 shares and there is a 20:1 reverse split, you now have 50 of the new shares. I assume if you short 1000 shares and there is a 20:1 reverse split, you would now be short 50 of the new shares.
The reverse split itself shouldnt directly have an impact. however, after the reverse split, the stock will probably drop a bit, so the ETF should increase in value. What SHOULD happen, and what will actually happen, may not be the same thing, especially these days.
How does Paulson do? Hasn't he sold?
How does Paulson do? Hasn't he sold?
Calling Dick(head) Bove! Mr. Bove!
I hope Nanex keeps an eye on that one tonight. Even in my snail-pace stock chart it just smashed to $5.20 then disappeared... looks like they're pulling out all the stops...
And while we're all not paying attention the forex guys are partying with the euro back at a 1.29 handle.
BAC seems to be taking it in the rear.
Much longer before it falls over?
Did you see that huge spike up? It's back at 5.
Obviously this represents millions of investors around the world seeing a once in a lifetime buying opportunity.
Obviously.
New study just out. This is a must-read:
http://arxiv.org/abs/1112.3095
Evidence of market manipulation in the financial crisis
Vedant Misra, Marco Lagi, Yaneer Bar-Yam We provide direct evidence of market manipulation at the beginning of the financial crisis in November 2007. The type of manipulation, a "bear raid," would have been prevented by a regulation that was repealed by the Securities and Exchange Commission in July 2007. The regulation, the uptick rule, was designed to prevent manipulation and promote stability and was in force from 1938 as a key part of the government response to the 1928 market crash and its aftermath. On November 1, 2007, Citigroup experienced an unusual increase in trading volume and decrease in price. Our analysis of financial industry data shows that this decline coincided with an anomalous increase in borrowed shares, the selling of which would be a large fraction of the total trading volume. The selling of borrowed shares cannot be explained by news events as there is no corresponding increase in selling by share owners. A similar number of shares were returned on a single day six days later. The magnitude and coincidence of borrowing and returning of shares is evidence of a concerted effort to drive down Citigroup's stock price and achieve a profit, i.e., a bear raid. Interpretations and analyses of financial markets should consider the possibility that the intentional actions of individual actors or coordinated groups can impact market behavior. Markets are not sufficiently transparent to reveal even major market manipulation events. Our results point to the need for regulations that prevent intentional actions that cause markets to deviate from equilibrium and contribute to crashes. Enforcement actions cannot reverse severe damage to the economic system. The current "alternative" uptick rule which is only in effect for stocks dropping by over 10% in a single day is insufficient. Prevention may be achieved through improved availability of market data and the original uptick rule or other transaction limitations.TIME TO SHUT THIS BANK DOWN....
I'll trade you a share of BAC for a gallon of premium diesel.
You are making too much sense.
How 'bout a couple silver dimes?
I feel like Buffet has become a shill...or maybe he always was one. Gotta have heros to keep a charade going, and he's looks the part to most people. Even Obama is using him for something (i.e. tax). Makes you wonder if Buffet even made his money on his own, or even has any money...if he just a manufactured figurehead created to bait Joe six pack? That's how skeptical I've become.
RE: Buffett
Remember when he accumulated a huge position in Silver at somewhere near $5 / oz maybe 12 - 15 years ago?
It was very strange, he believed in the position and his reasons for taking it, and they still held true. He then got a visit from someone (maybe a team of them) connected to the US Gvt. and after the visit, he unloaded the position, at a profit but no where near what he had planned when he took it on.
I don't know what was said, but whatever it was had to be very convincing, or threatening.
Any links to that story? I wonder if it was around the time the ETFs came out, and he knew they weren't backed.
I don't remember it. Buffet always talks down gold now, though. You know he owns a ton of it somewhere, too.
It WAS interesting to watch the PTT at work today manfully holding that sucker up at 5.01-.02-03-01-00-01-02-01 for several hours.
Wonderfully clear record for any and all to see how the HFTs and hedge funds in general manipulate the market. Volume was a third higher, as well, and the load was *still* being shouldered to keep that baby above 5.
Felt sort of like a (small) victory for the real market to have it close at 4.99, though the games continue after hours, of course.
Bernanke to thé defribulator!
Can to 8 inches down the road....
Haven't you heard? It's no longer a can. It's a infinite tonne dumpster overflowing with human feces.
Buffet owns preferred so he is better than Mormon in bankruptcy
Now that BAC is under $5, they'll do a 10:1 reverse split like Citi did.
C is going right back down to 4. Hilarious.
THAT would make a great short entry point
I have made some investing mistakes but NOT buying BAC was one of my best decisions
I love the smell of 4-handle in the morning. Next up GM bitchez!
Yes! The whole market down on BAC... well, at least you managed to call the 24 hour low to the minute!!!
Can someone please explain to me: During the 2008 crisis BAC went down to below $3 a share, but it wasn't a problem then. Obviously BAC had other problems. However now it seems that it is a problem if it drops below $5. What's changed between now and then?
Tyler?
$43 trillion in derivatives shifted onto the balance sheet? But don't worry, it all nets to $0 ;)
OK, so at < $5 people will start paying attention to their problems?
http://dailyreckoning.com/how-central-banks-attempt-to-prop-up-the-economy/
"‘If BAC had fallen below $5, there could have been an avalanche of selling because some institutions cannot buy or hold a stock that is less than $5 per share. A cascading BAC could have generated an “Emperor has no clothes” moment for BAC. (Buffett would have been chagrined). So it was imperative that someone closed BAC above $5 on Tuesday and that some scheme had to be implemented to drive the price higher on Wednesday.’"
I seen Timmy Weasel Geithners name and.......
resistance.. is.....futile.... feeling...is too .....s.tro..n.g.....
.......FUCK YOU.Timmy..Weasel Geithner......................................!!!!Whooo....That feels better.
I bought a truck load of silver last week and then watched the price drop $2.00 fifteen minutes later. I bought a gross of incandescent light bulbs last week and then watched the Congress decide not to enforce the incandescent light bulb sale at the first of the year. I've been married several times, am a drunk, and no one in my family will talk to me.
But I never bought any BAC, so I'm not always wrong.
PPT failed BOA cause they were busy Bitch slap'n Gold.....
Fuck You's Benny and Timmy
So, if this is the Santa Claus rally.... What happens in late Jan when BoA reveals how much of its $1 trillion of deposits jumped ship? $3.99? :)
Congrats Robo, BAC at $5.06, nice job. What was your Bid? $5.05? Now get the Fuck out before 3:00! Good call.