Banking on BAC
Mid-Day Minute for Thu January 14th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
While Intel (Nasdaq: INTC)'s earnings are directly ahead this afternoon, let's keep in mind that tomorrow well before the opening bell, JP Morgan (NYSE: JPM) will release its Q4 results, which will impact Bank of America (NYSE: BAC). Here is the BIG picture of BAC ahead of tomorrow morning's pre-open release of JPM earnings. My near and intermediate technical and momentum work argue that has unfinished business on the upside into the 18.00 next target zone, the ignition for which could be triggered by the a positive reaction to JPM's Q4 results. Initial resistance in BAC resides at 17.10/20, which if hurdled and sustained, should attract new buying interest that propels prices towards 18.00. MJP 1/14/10 12:30 PM ET (16.72/73)
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