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Bank of America Drops To $5.01; Lowest Since March 2009
As of minutes ago, BAC stock hit the nearly 3 year low value of $5.01 which immediately set off algorithmic defense programs, because as has been explained previously, should the stock trade under $5.00 during regular hours, instead of the After Hours session, when it hit $4.90 a few weeks ago, it will most likely set off numerous selling programs from plain vanilla funds which despite what pundits claims, have a hard floor of $5.00 (these are the same "pundits" who believe a downgrade of the EuropeAAAn club will have no impact on asset vallue) for held stocks.The result would be unpredictable so it is better to eat losses on algo all bid programs than to find out what would happen when the stock has $4 handle.
As a reminder, here are the 20 biggest losers should BAC enter freefall mode:
Source: CapitalIQ
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A very bad penny stock.
Bend Over America!
The new $4.99 BOA Not So-Happy Meal comes with a free prostate exam!
Spend $5 at SUBWAY ... a far better deal than BAC.
If I read the recent comments right and it is the case that creditor banks can "seize" re-hypothecated capital at debtor's BK. I expect a lot of institutional endowments to quickly leave the house of BAC and C..
bankrun bitchez
At 4.99..., still over-bought.
It's always been about BAC. I've said it since 09
http://oregonon.org/files/2009/02/Bank-of-America-Logo-crop.jpg
Wow, I thought the massive wall of bids at 5.01 was impressive, now I see the defensive line at 5.00.
"Double-down !"
http://www.cnbcfix.com/richardxbove.PNG
If Buffett buys a billion today, he can get his average cost per share under $7.50.
Time for BAC to do a Reverse Merger with a Company trading above 10$
Warren 'Thanks Uncle Sucker Sam' Buffett is on the phone right now with Obama's chief of staff, prepared to 'pledge' more money for BAC, but only if the taxpayer-guarantee-against-any-losses-whatsoever plan usually extended to Warren is sweetened to included "and a minimum of 25% profit, aka give me first secured status on the good stuff that BAC has."
The highly significant back story that cnBSc is working on, via Becky B. Quick, is whether Warren is negotiating these terms in the bathtub.
A Becky Quickie for Warren?
You got it! Warren to buy BAC preferred at $1.00. Fed rescue to kick in 10 minutes later.
R u serious? This is fucking ultra-bullish son!
Just pull a citi, 10:1 reverse split coming up...no problem.
Yes exactly, that should buy them another 2 years. Citi is really a $2.50 stock, these algos appear pretty easy to fool. That being said, it's almost time for ShitiCorp to have another reverse 10:1 split.
On another note, notice how all these banks own each other's stocks. This reminds me of Japan, where all the corporations are interlinkied, and that hasn't worked out too well either. Get your shorts on!!!
It is isn't it.
A metric fuck tonne of empty houses that are rotting in inventory, no customers, investment section with a terrible track record and the upper management still collects bonuses.
This POS had sell written all over it 4 years ago.
Getting borderline spammy with this hamlet link but I laugh my bells off every time I read it.
tOO BiG To fAiL LOan MOdIFiCATioN FOrm r.1.A.002.B.XXXX
What a complete waste...
Mic check: Shame
I've been watching BAC on stockcharts for a little while now. The price change will fluctuate between -0.16 and -0.17 but the actual price remains fixed at $5.03.
I had to reload my program because BAC data stopped dead. Just BAC. Maybe random, but curious.
Noticed the same myself. Now it's working again at 5.03
Here comes the Fed, pumping the stock back up just like last time.
No, a bad blue chip stock, a great penny stock, since it has all the attributes that penny stocks have, eg - pie in the sky business model that will require a miracle to actually happen, bullshit buy recommendations by conflicted, self-serving analysts, a book value near or below zero, etc...
"five dollar... five dollar foot long.... five dollar foot long dog turd."
I hope you don't step in it.
I ask with some trepidation, but if the situation is so dire, why doesn't BAC put Countrywide into Bankruptcy Court?
I"m not sure and haven't researched the issue, but I will admittedly throw a SWAG out there that it has something to do with the fact that BAC was essentially forced to swallow Countrywide (and Merrill) as part of the Hank 'Tanks In The Street Unless We Help Goldman Sachs & JP Morgan Grow Into Robber Baron Status' Paulson recovery pact, formed and executed in conjunction with Timmmay.
$4.93 Bitchez!
Paging Dick Bove stat! Buy Buy Buy Dickie!
-What Problems? Bank Of America Is Fine, Bove Says
Two Maginot lines set for the PPT today.
BAC @ $5.00
S&P @ 1220
As I'm sure you know, the Maginot line was utterly useless.
not utterly useless!
it has a very nice ring to it.
It was a great reverse barometer for opposing armies.
NO IT WASN'T!!!
I still make a good tourist attraction....
Sorry for the history smackdown.
The Maginot Line was designed to force Germany to attack through the low countries. It was a total success. It was France's military that was supposed to stop Germany's advance which failed in the face of the new Blitzkrieg tactics.
I thought the route through the Ardennes played a role, too?
And the fact that the Polish Invasion gave the Germans some very fresh experience.
But I agree, had the French deployed better and used their tanks in a modern way they could have stopped them...
I think you forgot Gold above $1600.
Gold BELOW 1600 - keep in mind who's defending the lines in the sand.
The Rubicon is more apt, I think.
Here we go paw paw!
This is seriously the rally? I mean I knew the market was bullshit these days but this is insanity...
Off with its head!
Sloppy block selling. I bought. I dare anyone here to short BAC in volume under $5.10.
not no, heeeeelllll no
I'm in at $5.06.
my humble opinion: if the Rothschild bank's share drops to 5 USD, it means that the Rothschilds wanted it to drop to 5 USD.
now the question is: what is the endgame?
It will also set off the buy algos at FRBNY and Paulson and Co. Additionally, expect Bove to issue a "super-duper stong buy with leverage" recommendation.
Bloomberg radio was pumping this pig during the top of the am rush hour via Thomas Brown.. not to be confused with the very focused funk master Tom Browne.
BAC stock as bouyant as concrete.
Hmmmm....should I buy BAC or physical gold today? PHYSICAL GOLD IT IS AND SCREW WALL STREET! FYI found this site on Turd's...comparegoldprices.com
Why cain't C git no algo luv ?
Maybe because its a bankrupt piece of crap and even the algos know better than to touch it with a 10 foot pole?
Here's to hoping you're right. Cheers!
Bullish!
And BerStinky goes to his Interactive Broker's screen is 5...4....3....2....1.....
Reverse split time! Those always work.
Hmmm.... 1 Giant burger.... or a BAC share.... 1 Giant burger.... or a BAC share....
Looks like somebody is trying to keep it afloat right now.....no worky.
I think it's still a bit overpriced. If it drops another 99,5% it might become a BUY!
if it's still out there by than...
Five Dollar Footlong still beats a BAC share any day
what's the big deal? after lunch, all customer accounts would be stolen to buy up the shares! anyone complains, off to the fema family fun centers!
you just know the market makers have 240 volts wired to their testicals that trips ON at 4.9999999999999999
Having BAC borderline at $5.01-$5.15 is taking the ammo away from propping up the S&P500 as a whole. Only so much money can be secretly printed and its increasing fat-tail risks the longer this goes on. Its going to hurt no matter how it ends. Either VERY VERY VERY big move up or MASSIVE move down.
They can't print below $5 on the public tape, but you know BAC is trading on dark trades at well below $5 right now. I think the big boys know its worthless and they're dumping hard.
So it's either up big or down big. Excellent, thanks.
To clarify for the simple minded:
BAC is being propped up at the sacrifice of the overall S&P500. ES drops, BAC will be well bid. BAC drops, you'll see more bids on ES. There is a fixed amount of fiat being pumped into the market on a daily basis from the ppt is my point. It may vary between days, but the PPT has a firehose and its blasting out water to put out fires. Unfortunately its very hard to control a 200 PSI flow very long...
I understood what you were saying, I was just being a smartass. It's kind of my nature, nothing personal. I also happen to believe the PPT can't prop up a big sell-off, which is what might be in the cards. But I'm no expert. Just a country boy trying to survive.
I bought mar 5 puts on bac a couple weeks ago when the stock almost hit 6 bucks.....so here's to hoping on plunge through the 5 floor!
Jamie Dimon must be rubbing his hands right about now
This sure is one rockin Santa Claus Rally! Wheres that Robo guy at?
Why wait? This stock is a zero.
Hey, here's a novel idea! Maybe, we could just print some extra dollars and fix everything?
If anyone believes the Fed is going to let BOA fail, they are sorely mistaken. The Fed will give UNLIMITED Bernanke fun credits to keep it 'alive'.
The Fed will do what GS, JPM and MS tell them to do!
And Im sure the above 3 would enjoy less competition!
Yes, and a chance for the administration to prove that it does not support TBTF. LOLs.
UNDER THE BUS BITCHEZ!
They won't let it fail, just let one of GS, JPM and MS come in to rescue it...
can anyone explain the following:
BAC went below $5 in the aftermath of the 2008 financial crisis, all the way down below $3. What is the difference between then and now? Those rules must have been in place back then as well right? So why was it OK then but not now?
Silver getting hammered again today, looks like gold might be following.
i always find it weird how silver chart movements, continuously seems to fall off of cliffs.........its almost as if someone is manipulating the shit out of it...............naw......couldn't happen.......
It's volatile, for sure. Manipulation? Liquidation? Natural chart patterns? It's open to debate, but either way, I think it goes lower before it goes higher, but I'm not confident enough to bet on it.
a 50% correction of the 1st leg up @ 49ish calls for the high 24's before the best leg up the market has ever seen follows shortly there after. I can only imagine the size of the bid waiting down around $25.10ish though so I dare not wait too long to load the boat. I know you bitchez aren't going to let me fill up at sub $25.
1st leg up to $49? Some call that leg up a blow off top. If so, it can fall much lower than $25.
oh too bad, the oracle of omaha takes another ass pounding. ........
They didn't let fanny or freddy fail either but the common said kiss my ass bitchez.
The Goldman Sachs is sub 90 fiats right now. Good. Ha Ha.
So is billionaire Buffett's bet turning bad? It couldn't have happened to a nicer billionaire! And I couldn't be happier for him!
the old dude has preffered stock, he can bail himself out, everybody is screwed.
I don't think we are saying here now, that BAC will fail. But it can easily trade back to 4 or less and still rip off Americans every day with absurd fees and lies.
So they will keep this piece of shit at $5 for what?... to trick the public once again??
And another life time low for TBT. Yup, American doing just fine. What a crock.
WOW... look at all those red streaked bars on the banks this morning... Citi and Morgan Stanley down over 5%, the others are down lots as well. I wonder if the PPT are buying all the shares on the cheap? Perhaps Obama can announce that BAC has already been nationalized soon.
Don't panic, there's still time left to lose your shirt.
$5.01 is the new $0.01
Time for a 10-for-1 reverse split. It worked well for C.
ZNGA is at 8.80. Sure wish I could of got me some that.
Saw that. At this rate, it'll be a penny stock by Friday.
Is that the top shareholders of BAC or the worlds top kleptocratic predator list?
Either way I think if ALL those companies went tits up it would be a Great thing.
These sobs's should have Already been auctioned off.
Agree. We cannot short these IPOs until long after the dump starts. On the same page.
And there goes GS bonus's or whatever was left of them. Must admit some times this is a true market.
Expect some sort of intervention to keep that share price above $5 just like last time. They just need to keep it together this week so they can get the Santa rally everybody on CNBCialis is talking about. The big news is the new Spanish government is serious about austerity! Risk on, they have taken double secret probation seriously this time!
Please reverse split it. Can't short a 5 dollar stock. but a 50 dollar stock. oh yeah. just like Citi. leave your money in BAC. Look how well things went at MF Global.
FAZ flying...got in at 38.00....riding this baby to 500...haha
It sure looks like BAC can't make it under 5.01. It makes an attempt here and there but that level seems to be bullet proof for some reason.
I've noticed this too. The stock will drop to 5.01 and will then hang for minutes until shooting back to 5.03.
Christmas 2011 sans Santa Rally.
The Day Bank of America Died (Again)
There's gotta be a happy ending in there somewhere! Tears are flowing galore! C'mon now. Give us the goodies.
this is the oddest thing -- I'm watching BAC hitting 5.00 multiple times but it just doesn't go below it!!!! Somebody definitely put a floor under this. Stunning to watch.
Looks like the PPT is putting a hard deck under BAC top gun style.
really its a normal thing that Bank of America Drops To $5.01; Lowest Since March 2009.