Isn't it amazing that a mere two months ago the Russell 2000 was at its highest point in history? Honestly, can you believe it? September 19th was truly the most glorious day to be a bear, even though it seemed the most terrible. Markets can be quite ironic.
Bank of America (BAC) has lost nearly 80% of its value from its high a little over a year ago. Looking at this chart, I'm sure some folks are tempted.
Let keep things in perspective, however.
My view is that, if we're going to have a bounce at some point (will it ever come? ever?), BAC is a decent candidate for a bounce from its next retracement level (Fibonacci, not the 2sweeties kind) at about $10.50. It's not there yet.
