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Old 08-22-2011, 06:13 PM
 
Location: Warwick, RI
5,449 posts, read 6,240,814 times
Reputation: 9369

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Quote:
I like averaging down. But BAC is looking like a falling knife.
Why AC, I didn't know you cared! It does look like a falling knife, but only to folks who don't have the time frame that I do. I'm done buying BAC for now, time to move on to JPM and FCX, both down significantly from recent highs. I think JPM is best of breed of the large banks, and BAC offers the best long term share price recovery potential. Bankers will ALWAYS find a way to make money, and I have no problem waiting 5 years or more for it. I guess I just have a different mindset than most others, I like to think of it as my "get rich slowly" plan. I won't need any of this money for 20-25 more years, so I can be patient with it, buying when there's blood in the streets and collecting my divies while waiting it out.
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Old 08-22-2011, 06:31 PM
 
Location: Wherever women are
19,012 posts, read 29,663,567 times
Reputation: 11309
Quote:
Originally Posted by treasurekidd View Post
Why AC, I didn't know you cared! It does look like a falling knife, but only to folks who don't have the time frame that I do. I'm done buying BAC for now, time to move on to JPM and FCX, both down significantly from recent highs. I think JPM is best of breed of the large banks, and BAC offers the best long term share price recovery potential. Bankers will ALWAYS find a way to make money, and I have no problem waiting 5 years or more for it. I guess I just have a different mindset than most others, I like to think of it as my "get rich slowly" plan. I won't need any of this money for 20-25 more years, so I can be patient with it, buying when there's blood in the streets and collecting my divies while waiting it out.
I like your confidence

I will buy BAC. Hoping for a 5$ bargain or under. I missed the 3 in 2009.
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Old 08-23-2011, 07:19 AM
 
8,411 posts, read 7,399,570 times
Reputation: 6407
Quote:
Originally Posted by Antlered Chamataka View Post
TK man, stop buying BAC

I like averaging down. But BAC is looking like a falling knife.
BAC has plenty of lawsuits coming with the bad mortgages they sold. The big banks are charging people for everything including debit card transactions. I think that has people running to credit unions and smaller local banks which burns their profits in the long run. Government bail out for big banks down the road?
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Old 08-23-2011, 08:11 AM
 
Location: Wherever women are
19,012 posts, read 29,663,567 times
Reputation: 11309
Quote:
Originally Posted by Singlelady10 View Post
BAC has plenty of lawsuits coming with the bad mortgages they sold. The big banks are charging people for everything including debit card transactions. I think that has people running to credit unions and smaller local banks which burns their profits in the long run. Government bail out for big banks down the road?
Even if BAC goes under 5, I was thinking last night that I still won't buy it.

These vermin will bring on their reverse stock split crapola all over again. Had that enough with Citi.

And the people working in BAC in Charlotte are terrified. More job cuts on the way and height of uncertainty. The last time the same feeling prevailed was in 2008 when I worked there. I still remember that morning when Bear collapsed and everyone shrugged it off inside the bank. There was talk about how sturdy BAC was.... and that Bear was having it coming for a long time.
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Old 08-23-2011, 10:05 AM
 
Location: Wherever women are
19,012 posts, read 29,663,567 times
Reputation: 11309
Quote:
Originally Posted by Antlered Chamataka View Post
Even if BAC goes under 5, I was thinking last night that I still won't buy it.

These vermin will bring on their reverse stock split crapola all over again. Had that enough with Citi.

And the people working in BAC in Charlotte are terrified. More job cuts on the way and height of uncertainty. The last time the same feeling prevailed was in 2008 when I worked there. I still remember that morning when Bear collapsed and everyone shrugged it off inside the bank. There was talk about how sturdy BAC was.... and that Bear was having it coming for a long time.
New 52 week low on BAC. 5 is only a matter of time, geez.
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Old 08-23-2011, 10:19 AM
 
Location: Wherever women are
19,012 posts, read 29,663,567 times
Reputation: 11309
BAC CDS spread is at 400 basis points. I think I want to short this stock.

This is an all time high, higher than during the financial crisis, and is not good for the stock.
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Old 08-23-2011, 11:51 AM
 
Location: Wherever women are
19,012 posts, read 29,663,567 times
Reputation: 11309
As crazy as it may sound, rumour mills are at work. I just heard Chase might be mulling a takeover at the order of 3$ a share. Sounds ridiculous, but God only knows at this point.
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Old 08-23-2011, 11:51 AM
 
14,249 posts, read 17,885,317 times
Reputation: 13807
Quote:
Originally Posted by Antlered Chamataka View Post
As crazy as it may sound, rumour mills are at work. I just heard Chase might be mulling a takeover at the order of 3$ a share. Sounds ridiculous, but God only knows at this point.
I heard that rumor too.
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Old 08-23-2011, 11:52 AM
 
2,930 posts, read 7,046,352 times
Reputation: 1389
Well I heard someone said it's gonna go down to $2
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Old 08-23-2011, 03:41 PM
 
Location: Texas
2,847 posts, read 2,503,152 times
Reputation: 1775
Quote:
Originally Posted by Antlered Chamataka View Post
Even if BAC goes under 5, I was thinking last night that I still won't buy it.

These vermin will bring on their reverse stock split crapola all over again. Had that enough with Citi.

And the people working in BAC in Charlotte are terrified. More job cuts on the way and height of uncertainty. The last time the same feeling prevailed was in 2008 when I worked there. I still remember that morning when Bear collapsed and everyone shrugged it off inside the bank. There was talk about how sturdy BAC was.... and that Bear was having it coming for a long time.
Talked with my broker, 35 years experience, specializes in Financial stocks, of course any ones best guess, but said BOA is poorly ran and probably a $4 stock for now.
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