BAC Testing Low
Mid-Day Minute for Mon July 19th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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As we speak the financials continue to be under pressure in general, but in particular let's notice that Bank of America (BAC) is testing its July low at 13.50, while the S&P 500 is 6-7% above its July low.
If BAC breaks and sustains beneath 13.50, I will get downside projections into the 12.80/60 area in the upcoming days/weeks. At this juncture, only a climb back above 14.15 will neutralize today's damage.
