Earnings season is getting into full swing as GOOG just reported and the stock is getting hammered, now we have tomorrow and BAC earnings are out Pre-Market. One of the great things about working here is we get to put our heads on the chopping block each and every day, here I go again.
The BAC chart overall is not a great looking chart, but let me explain why I think the stock will rally tomorrow regardless of what earnings say.
1) The stock is near its historical oversold levels
2) The MACD made a positive cross on April 6, 2011
3) There is a ton of support at $13.00
One of my most famous maxims is that news gets stocks to trade to technical levels regardless of the news. Sorry to my fundamental friends but that is why stocks selloff after good news and can rally after bad.
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