Based on a pre-defined weighted trend formula for chart analysis, BAC scored +65 on a scale from -100 (strong downtrend) to +100 (strong uptrend):

U.S. stocks closed lower today after Bank of America (NYSE:BAC) reported this morning that it is dealing with an increase in troubled loans. This has reignited the trouble of the financial industry and the overall sate of the US Economy.  Look for a continuation of this during trading tomorrow morning however we could see a possible upward reversal from the 7800 levels.

The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout. (more…)

Bad News, Bad News and More Bad news

How many headlines are you reading lately that have a positive connotation? B of A needs more money, the Big Three are on the verge of bankruptcy, unemployment numbers, Madoff, Madoff, Madoff. Blah Blah Blah.

Oil, the commodity that has had the entire country bitching for years is making new lows again today. But, how does the press word it? “Crude prices falling fast with more evidence of broad economic pullback”. Just last summer that same headline would have read “Oil prices subside just in time for summer travel”.

My point? The smart money leads, all other money follows. To quote and over quoted financial icon, “Buy when there is blood in the streets . . . ” – Warren Buffet

Be smart, Investigate, Lead