For the past few weeks the banks led by Bank of America have been hindering the markets attempt to break out of the range. Today, when the bears tried to make their move, Bank of America has led the troops back.
I was actually hoping that Bank of America would go lower this week. The Credit Suisse research I referred to earlier lists Bank of America as a bounce candidate as it is trading close to a 52 week low heading into mutual fund year end. The stock is so oversold that when it finally bounces it should be hard. This would be a small position as it would be a pure trade.