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Bank of America Drops To $5.01; Lowest Since March 2009

Tyler Durden's picture




 

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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Mon, 12/19/2011 - 11:40 | 1994086 GOSPLAN HERO
GOSPLAN HERO's picture

A very bad penny stock.

Mon, 12/19/2011 - 11:47 | 1994111 Pladizow
Pladizow's picture

Bend Over America!

The new $4.99 BOA Not So-Happy Meal comes with a free prostate exam!

Mon, 12/19/2011 - 11:50 | 1994157 GOSPLAN HERO
GOSPLAN HERO's picture

Spend $5 at SUBWAY ... a far better deal than BAC.

Mon, 12/19/2011 - 11:56 | 1994204 iDealMeat
iDealMeat's picture

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

Mon, 12/19/2011 - 12:06 | 1994252 gmrpeabody
gmrpeabody's picture

At 4.99..., still over-bought.

Mon, 12/19/2011 - 12:08 | 1994266 hedgeless_horseman
hedgeless_horseman's picture

Mon, 12/19/2011 - 12:09 | 1994274 Caviar Emptor
Caviar Emptor's picture

It's always been about BAC. I've said it since 09

Mon, 12/19/2011 - 12:49 | 1994404 DeadFred
DeadFred's picture

Wow, I thought the massive wall of bids at 5.01 was impressive, now I see the defensive line at 5.00.

Mon, 12/19/2011 - 11:44 | 1994118 Don Birnam
Mon, 12/19/2011 - 11:57 | 1994213 Manthong
Manthong's picture

If Buffett buys a billion today, he can get his average cost per share under $7.50.

Mon, 12/19/2011 - 11:44 | 1994122 Azannoth
Azannoth's picture

Time for BAC to do a Reverse Merger with a Company trading above 10$

Mon, 12/19/2011 - 11:45 | 1994134 TruthInSunshine
TruthInSunshine's picture

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.

Mon, 12/19/2011 - 11:51 | 1994168 GOSPLAN HERO
GOSPLAN HERO's picture

A Becky Quickie for Warren?

Mon, 12/19/2011 - 12:11 | 1994282 Caviar Emptor
Caviar Emptor's picture

You got it! Warren to buy BAC preferred at $1.00. Fed rescue to kick in 10 minutes later. 

Mon, 12/19/2011 - 11:48 | 1994148 vast-dom
vast-dom's picture

R u serious? This is fucking ultra-bullish son!

Mon, 12/19/2011 - 11:52 | 1994172 fourchan
fourchan's picture

Just pull a citi, 10:1 reverse split coming up...no problem.

Mon, 12/19/2011 - 11:57 | 1994209 Alien Invader
Alien Invader's picture

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!!!

Mon, 12/19/2011 - 11:55 | 1994194 CPL
CPL's picture

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.

Mon, 12/19/2011 - 12:11 | 1994278 chunga
chunga's picture

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

Mon, 12/19/2011 - 12:01 | 1994226 MiddleageThinni...
MiddleageThinninghair's picture

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. 

Mon, 12/19/2011 - 12:19 | 1994301 DeadFred
DeadFred's picture

I had to reload my program because BAC data stopped dead. Just BAC. Maybe random, but curious.

Mon, 12/19/2011 - 12:21 | 1994304 ucsbcanuck
ucsbcanuck's picture

Noticed the same myself. Now it's working again at 5.03

Mon, 12/19/2011 - 12:37 | 1994349 JLee2027
JLee2027's picture

Here comes the Fed, pumping the stock back up just like last time.

Mon, 12/19/2011 - 12:04 | 1994244 Al Huxley
Al Huxley's picture

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...

Mon, 12/19/2011 - 13:32 | 1994569 Ruffcut
Ruffcut's picture

"five dollar... five dollar foot long.... five dollar foot long dog turd."

I hope you don't step in it.

Mon, 12/19/2011 - 14:09 | 1994736 briansdad
briansdad's picture

I ask with some trepidation, but if the situation is so dire, why doesn't BAC put Countrywide into Bankruptcy Court? 

Mon, 12/19/2011 - 14:18 | 1994772 TruthInSunshine
TruthInSunshine's picture

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.

Mon, 12/19/2011 - 16:18 | 1995277 Strut
Strut's picture

$4.93 Bitchez!

Mon, 12/19/2011 - 11:39 | 1994087 transaccountin
transaccountin's picture

Paging Dick Bove stat! Buy Buy Buy Dickie!

-What Problems? Bank Of America Is Fine, Bove Says

Mon, 12/19/2011 - 11:39 | 1994088 Tsar Pointless
Tsar Pointless's picture

Two Maginot lines set for the PPT today.

BAC @ $5.00

S&P @ 1220

Mon, 12/19/2011 - 11:41 | 1994099 catacl1sm
catacl1sm's picture

As I'm sure you know, the Maginot line was utterly useless.

Mon, 12/19/2011 - 11:42 | 1994110 achmachat
achmachat's picture

not utterly useless!

it has a very nice ring to it.

Mon, 12/19/2011 - 11:46 | 1994141 gmrpeabody
gmrpeabody's picture

It was a great reverse barometer for opposing armies.

Mon, 12/19/2011 - 12:07 | 1994260 Sudden Debt
Sudden Debt's picture

NO IT WASN'T!!!

I still make a good tourist attraction....

 

 

Mon, 12/19/2011 - 12:23 | 1994311 XenoFrog
XenoFrog's picture

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.

Mon, 12/19/2011 - 12:58 | 1994440 Ghordius
Ghordius's picture

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...

Mon, 12/19/2011 - 11:58 | 1994216 HelluvaEngineer
HelluvaEngineer's picture

I think you forgot Gold above $1600.

Mon, 12/19/2011 - 12:06 | 1994249 Al Huxley
Al Huxley's picture

Gold BELOW 1600 - keep in mind who's defending the lines in the sand.

Mon, 12/19/2011 - 12:31 | 1994327 Dcheeth2
Dcheeth2's picture

The Rubicon is more apt, I think.

Mon, 12/19/2011 - 11:39 | 1994089 Jlmadyson
Jlmadyson's picture

Here we go paw paw!

Mon, 12/19/2011 - 11:40 | 1994090 Odin
Odin's picture

This is seriously the rally? I mean I knew the market was bullshit these days but this is insanity...

Mon, 12/19/2011 - 11:40 | 1994093 catacl1sm
catacl1sm's picture

Off with its head!

Mon, 12/19/2011 - 11:43 | 1994096 slaughterer
slaughterer's picture

Sloppy block selling.   I bought.    I dare anyone here to short BAC in volume under $5.10.   

Mon, 12/19/2011 - 11:48 | 1994143 bill1102inf
bill1102inf's picture

not no, heeeeelllll no

Mon, 12/19/2011 - 11:54 | 1994187 J 457
J 457's picture

I'm in at $5.06. 

Mon, 12/19/2011 - 11:40 | 1994097 achmachat
achmachat's picture

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?

Mon, 12/19/2011 - 11:42 | 1994101 firstdivision
firstdivision's picture

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.

Mon, 12/19/2011 - 11:48 | 1994147 scatterbrains
scatterbrains's picture

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.

Mon, 12/19/2011 - 11:41 | 1994102 virgilcaine
virgilcaine's picture

BAC stock as bouyant as concrete.

Mon, 12/19/2011 - 11:41 | 1994104 San Diego Gold Bug
San Diego Gold Bug's picture

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

Mon, 12/19/2011 - 11:41 | 1994105 scatterbrains
scatterbrains's picture

Why cain't C git no algo luv ?

Mon, 12/19/2011 - 12:09 | 1994267 Al Huxley
Al Huxley's picture

Maybe because its a bankrupt piece of crap and even the algos know better than to touch it with a 10 foot pole?

Mon, 12/19/2011 - 12:39 | 1994360 WonderDawg
WonderDawg's picture

Here's to hoping you're right. Cheers!

Mon, 12/19/2011 - 11:42 | 1994106 AvoidingTaxation
AvoidingTaxation's picture

Bullish!

Mon, 12/19/2011 - 11:42 | 1994107 Jumbotron
Jumbotron's picture

And BerStinky goes to his Interactive Broker's screen is 5...4....3....2....1.....

Mon, 12/19/2011 - 11:42 | 1994108 TimmyM
TimmyM's picture

Reverse split time! Those always work.

Mon, 12/19/2011 - 11:42 | 1994109 Sudden Debt
Sudden Debt's picture

Hmmm.... 1 Giant burger.... or a BAC share.... 1 Giant burger.... or a BAC share....

 

Mon, 12/19/2011 - 11:43 | 1994115 Ralph Spoilsport
Ralph Spoilsport's picture

Looks like somebody is trying to keep it afloat right now.....no worky.

Mon, 12/19/2011 - 11:44 | 1994117 Sudden Debt
Sudden Debt's picture

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...

 

Mon, 12/19/2011 - 11:44 | 1994124 Josh Randall
Josh Randall's picture

Five Dollar Footlong still beats a BAC share any day

Mon, 12/19/2011 - 11:44 | 1994125 sabra1
sabra1's picture

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!

Mon, 12/19/2011 - 11:45 | 1994128 Lotus
Lotus's picture

you just know the market makers have 240 volts wired to their testicals that trips ON at 4.9999999999999999

Mon, 12/19/2011 - 11:47 | 1994130 Captain Benny
Captain Benny's picture

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.

Mon, 12/19/2011 - 11:49 | 1994155 WonderDawg
WonderDawg's picture

So it's either up big or down big. Excellent, thanks.

Mon, 12/19/2011 - 12:25 | 1994317 Captain Benny
Captain Benny's picture

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...

Mon, 12/19/2011 - 12:28 | 1994323 WonderDawg
WonderDawg's picture

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.

Mon, 12/19/2011 - 14:05 | 1994726 geminiRX
geminiRX's picture

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!

Mon, 12/19/2011 - 11:46 | 1994137 Seasmoke
Seasmoke's picture

Jamie Dimon must be rubbing his hands right about now

Mon, 12/19/2011 - 11:46 | 1994138 SheepDog-One
SheepDog-One's picture

This sure is one rockin Santa Claus Rally! Wheres that Robo guy at?

Mon, 12/19/2011 - 11:46 | 1994139 midgetrannyporn
midgetrannyporn's picture

Why wait? This stock is a zero.

Mon, 12/19/2011 - 11:47 | 1994142 Shineola
Shineola's picture

Hey, here's a novel idea! Maybe, we could just print some extra dollars and fix everything?

Mon, 12/19/2011 - 11:48 | 1994146 ZeroPoint
ZeroPoint's picture

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'.

 

 

Mon, 12/19/2011 - 11:59 | 1994219 Pladizow
Pladizow's picture

The Fed will do what GS, JPM and MS tell them to do!

And Im sure the above 3 would enjoy less competition!

Mon, 12/19/2011 - 12:09 | 1994272 gmrpeabody
gmrpeabody's picture

Yes, and a chance for the administration to prove that it does not support TBTF. LOLs.

UNDER THE BUS BITCHEZ!

Mon, 12/19/2011 - 12:09 | 1994270 ucsbcanuck
ucsbcanuck's picture

They won't let it fail, just let one of GS, JPM and MS come in to rescue it...

Mon, 12/19/2011 - 11:50 | 1994162 ucsbcanuck
ucsbcanuck's picture

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?

Mon, 12/19/2011 - 11:53 | 1994179 WonderDawg
WonderDawg's picture

Silver getting hammered again today, looks like gold might be following.

Mon, 12/19/2011 - 11:57 | 1994208 High Plains Drifter
High Plains Drifter's picture

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.......  

Mon, 12/19/2011 - 12:01 | 1994230 WonderDawg
WonderDawg's picture

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.

Mon, 12/19/2011 - 12:07 | 1994254 scatterbrains
scatterbrains's picture

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.

 

Mon, 12/19/2011 - 12:11 | 1994284 WonderDawg
WonderDawg's picture

1st leg up to $49? Some call that leg up a blow off top. If so, it can fall much lower than $25.

Mon, 12/19/2011 - 11:55 | 1994195 High Plains Drifter
High Plains Drifter's picture

oh too bad, the oracle of omaha takes another ass pounding.   ........

Mon, 12/19/2011 - 11:55 | 1994196 scatterbrains
scatterbrains's picture

They didn't let fanny or freddy fail either but the common said kiss my ass bitchez.

Mon, 12/19/2011 - 12:00 | 1994221 chunga
chunga's picture

The Goldman Sachs is sub 90 fiats right now. Good. Ha Ha.

Mon, 12/19/2011 - 12:07 | 1994262 sbenard
sbenard's picture

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!

Mon, 12/19/2011 - 12:55 | 1994429 unclebill
unclebill's picture

the old dude has preffered stock, he can bail himself out, everybody is screwed.

Mon, 12/19/2011 - 12:08 | 1994264 monopoly
monopoly's picture

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.

Mon, 12/19/2011 - 12:09 | 1994275 MFL8240
MFL8240's picture

So they will keep this piece of shit at $5 for what?... to trick the public once again??

Mon, 12/19/2011 - 12:10 | 1994276 monopoly
monopoly's picture

And another life time low for TBT. Yup, American doing just fine. What a crock.

Mon, 12/19/2011 - 12:15 | 1994277 MiddleageThinni...
MiddleageThinninghair's picture

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.

Mon, 12/19/2011 - 12:14 | 1994289 Silverhog
Silverhog's picture

Don't panic, there's still time left to lose your shirt.

Mon, 12/19/2011 - 12:16 | 1994295 surf0766
surf0766's picture

$5.01 is the new $0.01

Mon, 12/19/2011 - 12:18 | 1994298 NumberNone
NumberNone's picture

Time for a 10-for-1 reverse split. It worked well for C.

Mon, 12/19/2011 - 12:21 | 1994305 djsmps
djsmps's picture

ZNGA is at 8.80. Sure wish I could of got me some that.

Mon, 12/19/2011 - 12:32 | 1994330 WonderDawg
WonderDawg's picture

Saw that. At this rate, it'll be a penny stock by Friday.

Mon, 12/19/2011 - 12:24 | 1994314 Woodyg
Woodyg's picture

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.

Mon, 12/19/2011 - 12:25 | 1994318 monopoly
monopoly's picture

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.

 

Mon, 12/19/2011 - 12:32 | 1994331 apu123
apu123's picture

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!

Mon, 12/19/2011 - 12:34 | 1994336 Sutton
Sutton's picture

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.

Mon, 12/19/2011 - 12:56 | 1994432 friedmators
friedmators's picture

FAZ flying...got in at 38.00....riding this baby to 500...haha

Mon, 12/19/2011 - 13:42 | 1994621 apu123
apu123's picture

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.

Mon, 12/19/2011 - 13:50 | 1994653 BlackingOut
BlackingOut's picture

I've noticed this too.  The stock will drop to 5.01 and will then hang for minutes until shooting back to 5.03.

Mon, 12/19/2011 - 14:42 | 1994888 walküre
walküre's picture

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.

Mon, 12/19/2011 - 15:47 | 1995131 Frank N. Beans
Frank N. Beans's picture

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.

Mon, 12/19/2011 - 16:00 | 1995162 apu123
apu123's picture

Looks like the PPT is putting a hard deck under BAC top gun style.

Sat, 02/11/2012 - 01:31 | 2148768 hotstockpicks
hotstockpicks's picture

really its a normal thing that Bank of America Drops To $5.01; Lowest Since March 2009.

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