I am truly sorry to keep ranting about Bank of America but the movements in the price of their equity vs. the market at large and their financial results are, I find, quite interesting.
Take their release this morning of Q4 '10 results. 2 Bils of goodwill impairment. 16 cent loss for the quarter. I saw this and naively thought it was time to sell, time to pack up and head for the hills. How foolish of me. I took one look at the premarket action and knew what was going to unfold. BAC losing money for all eternity is somehow already priced in.
BAC will lag, but hopefully not terribly so. I plan on getting out when they show another overextension like last week.
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