Anyone ever heard of KeyCorp? Well neither have I but Bank of America is 25 cents away from KeyCorp's stock price ($5.79).
KeyCorp has a market cap of 5.5 billion. Bank of America? 62 billion.
A freshman year business student can look at BAC's financials and point out how this company along with its stock price is just toast. I honestly think the only reason it's not at $2 a share yet is because BAC insiders along with other big institutions are buying at these levels. Just look at the daily volume for BAC. Almost half a billion shares are traded everyday and the stock's range somedays is only 10-20 cents. What does that mean? There's a huge war between investors who are short BAC and long BAC.
For the record, I started shorting BAC when it was slightly under $10 a share. I sold it all the way down to $7.50 and then I covered. Then I shorted it again when it popped above $8 and covered around the low $7s. I'm waiting for another pathetic positive PR report so I can short it again. Hopefully this trade will keep paying for my lunches every month.
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