Bank of America Corp (BAC)

[Portguyofva]

There is strong support at 8.25 range and there is also an open gap in the same neighborhood. I think the DOW will have to break down at 13,000 for any hope of BAC getting down to 8.25. IMO, if the DOW breaks at 13,000 it probably won't catch support until 12,750 which could lead to BAC breaking down at 8.75 support level. If that happens, the BAC support is weak between 8.75 and 8.25. Bottom line, i'm not banking on a buy opportunity at 8.25. Will start extending at 8.75 and hold back dry powder if things get worse. An Obama election win and/or an Israeli strike are two probable catalyst near term that could create some nice buying opportunities, plus the market is getting a little tired in view of global economic weakness. GLTY!