Piggy bank breakout

I’m more and more convinced that the recovery of our banking system is the reason why real estate is recovering, gold is no longer needed for “safety”, and the stock market is making new high through out 2013.

Having said that, I bought $BAC to celebrate the recovery.  I chose $BAC over $WFC simply because $BAC has more room for recovery while $WFC may be making new high soon.  Always love an underdog, $BAC it is.

Below is the daily chart for $BAC.

BAC_daily

Notice that today it took out the high of 03/19/2013.  Volume for today is pretty decent compared to volume for the last two weeks not counting yesterday.

Look at the weekly chart of $BAC below.

BAC_weekly

Notice that price action has climbed over both 79sma and 89xma lines and is looking like it is rounding up to the upside.

My 2 cents.



Categories: BAC

Tags: , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: