Just ahead of the global central bank dollar swap announcement a few weeks back, Bank of America (BAC) was set to break $5. Then the high that comes from intervention hit market participants and the stock ran nearly to $6. Today the stock has lost all those gains, and has broken down below the magical threshold level of $5 where some institutions are theoretically supposed to sell.
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog