Earnings, Bernanke Combine to Propel BAC to New Multi-Month Highs

In the aftermath of this morning's earnings report, Bank of America (BAC) has climbed in excess of 3%, to a new multi-year high at 14.38.

The most recent upleg from the June 24 low at 12.13 is alive and well, and points still higher, as Bank of America is streaking towards a confrontation with the upper trendline of its year-long bullish channel, now in the vicinity of 15.00.

At this juncture, only a sudden downside reversal and decline that breaks 14.00 will trigger near-term sell signals.


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