Submitted by Tyler Durden on 12/19/2011 14:29 -0500
BAC
Bank of America
Bank of America
Forget the Santa rally, and pack up on parachutes. That is the advice of Bank of America's chief technician Mary Ann Bartels who in a note today writes: "Test of the October lows is underway – Santa is not coming - Last week the S&P 500 fell below its 50-day moving average which is the new level to watch – 1228. A failure to move above and hold the 50-day moving average confirms to us that we have already begun to enter the phase of testing the October lows near 1100-1074. This pattern is becoming eerily similar to 2008 into 2009. A base building process has been underway since August but we have maintained the belief that the lows still need to be tested and undercuts to 985- 935 are possible (50% probability) as part of this process. We expect a new cyclical bull market to emerge near 2Q12. Time and patience are needed." Which is to be expected: after all Bank of America, which is about to have a $4 handle once the Maginot Fortress of a near ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
http://www.zerohedge.com/news/bank-america-santa-not-coming-sees-50-chance-drop-950?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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