Bank of America (BAC) Down 0.55% Ahead of Fed Statement
Posted: Wednesday, January 25, 2012 10:06 AM EDT
By: Bobby Raines
Bank of America (NYSE: BAC) fell Wednesday ahead of an announcement from the Federal Reserve. The central bank is expected to signal that its low interest rate policy will extend into 2014.
An April 8/10 Out of The Money Bear-Call Credit Spread looks like an attractive way to play BAC today. This strategy aims for a return of 14.94% and BAC is 10% out of the money. Recent support for this stock has been demonstrated near $6.94 while resistance has been around $7.52.
Bank of America is trading today at $7.25, down $0.04 (-0.55%) from yesterday’s close. The stock began the day trading at $7.20 and has moved between $7.15 and $7.25. Recent technical indicators for the stock are neutral and Standard & Poor’s gives BAC a neutral 3 STARS (out of 5) hold. [MarketIntelligenceCenter.com]
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