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BAC Acts Well Ahead of the FOMC


Ahead of the FOMC decision tomorrow morning, the banks are moving in anticipation of a rate hike that is expected to improve-- perhaps significantly-- their net-interest profitability.

Be that as it may, Bank of America Corporation (BAC) remains poised to enter a new upleg off of its Aug-Sept spike lows in the vicinity of 14.60, and to emerge from a larger, near-2 yr sideways, bullish-digestion period, the result of which, has the potential to thrust BAC to 19.50-20.00, in route to 23.00-25.00, thereafter.

If BAC pulls back to 17.00 before Fed time, I will look to enter a long position.

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