A lot depends on one's time horizon.
Even at $7.64 the pps of BAC is closer to the bottom than the top in the larger scheme of things and a timeframe of about 2-3 years.
It depends on one's style of investing/trading, risk tolerance, (informed) patience... exercisizing discipline, and skilled in money management besides being aware of the limits of greed and fear. I know that may be too much to expect from the average investor. Making money in the stock market is a tough challenge requiring no less.
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