Is Bank of America Poised for Another Leg Lower?
Click to Expand
The shorter-term 80-day moving average is in the vicinity of the 320-day moving average and marked a short-term top on 6/20 and again earlier this week. Also, we saw strong interest in the 8-strike calls yesterday that expire on 7/13. These bullish bets might be viewed as a sell signal to contrarians. Finally, rallies lately have been stopped at BAC's 50% YTD return in the $8.34 area.
In the front three months of option open interest, calls outnumber puts by a ratio of 1.7:1. Despite ongoing weakness by this name, traders continue to step in and attempt to pick a bottom. Until this sentiment backdrop shifts, I see no reason for the current downtrend to reverse.
XLF just ran into trouble near its 80-day moving average. Also looks like it just completed a bearish island reversal with this morning's gap lower. Ugly picture if you are bullish financials here.
A Phenomenon Worth Watching in 10-Year Yields
Why Bulls Need to Watch SPX 1,880
Global X Social Media ETF (SOCL) Tests Key Chart Levels
Recent XIV Action May Bode Well for Bulls
Why LinkedIn's Trendline Breach Could Be a Buy Signal
9 Levels to Watch for Apple Inc.
Keep an Eye on Twitter Around $40
Has SPDR Gold Trust Found a Short-Term Floor?
Why We Probably Haven't Seen the Last of RUT 1,100
Another Reason to Watch Dow 15,000
Why TLT Traders Should Heed Round-Number Returns
For Bonds, the Bottom Could Soon Fall Out
SPDR Gold Trust Rally Runs Into Resistance
Mid-Caps Nearing a Triple of March 2009 Lows
'Huge' Doesn't Begin to Describe S&P 1,550
Grading Stocks, Bonds, and Gold
Apple's One-Year Return Swings Into the Red
Is LinkedIn Poised for a Breakout?
Why $500 is the Apple Level to Watch Right Now
Fiscal-Cliff Whispers Spark SPX Fits and Starts
Time to Short Oil-Services Stocks?
After Two-Day Swoon, Where Will SPY Find Support?
A Breakout No One is Talking About
Options Indicator Flashes Potential Buy Signal
Ways to Hedge on Apple (AAPL) Before Earnings
LinkedIn: The Uncommon Trendline We're Watching
Two Speed Bumps for Builders
Does Coal Have Farther to Fall?
LinkedIn Looks to Challenge Looming Resistance
A Post-Earnings Reality Check on General Electric
Two Valuable Investing Lessons from the Homebuilders ETF
The New VIX Resistance Level to Watch
Why 2,200 Matters for the EURO STOXX 50
The SPDR Gold Trust ETF (GLD) Languishes Below a Key Trendline
Shorts Could Drive the Next Move in SLV
Two Takes on Research In Motion: Daily
Two Takes on Research In Motion: Intraday
SPDR Gold Trust Stares Down a Technical Sticking Point
A Hidden Resistance Level for JPMorgan Chase
Featured Partners: AOL DailyFinance
© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: email@example.com
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.