Bank of America Corp (NYSE:BAC) HEFFX Highlights

Bank of America Corp (NYSE:BAC) HEFFX Highlights

Bank of America Corp (NYSE:BAC) HEFFX Highlights

Bank of America, is laying off a number of technology workers in Charlotte.

Bank of America has begun laying off employees in its operations and technology division.

The layoffs were part of the second-largest U.S. bank’s plan to cut costs.

The cuts come as Bank of America is aiming to cut costs to boost financial targets Chief Executive Brian Moynihan has set.

Bank of America no longer must submit quarterly progress reports to the Federal Reserve.

A 2010 enforcement action required details on how Bank of America’s risk management program monitors competitively bid transactions.

Bank of America will pay nearly $2 million to settle a lawsuit alleging it violated state law by failing to timely disclose its automatic recording of phone calls with members of the public, San Diego County District Attorney Bonnie Dumanis announced Tuesday.

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Overall, the bias in prices is: Upwards.

Short term: Prices are moving.

Intermediate term: Prices are ranging.

The projected upper bound is: 24.61.

The projected lower bound is: 22.59.

The projected closing price is: 23.60.

BANK OF AMERICA closed up 0.160 at 23.590. Volume was 100% below average (consolidating) and Bollinger Bands were 15% narrower than normal.

Open        High         Low          Close        Volume
23.590     23.590     23.590     23.590     1,422

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period         50-period         200-period
Close:                       23.33                23.28                 21.35
Volatility:                23                      28                      29
Volume:                   72,378,984     80,860,408     98,103,488

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

BANK OF AMERICA is currently 10.5% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of BAC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BAC and have had this outlook for the last 0 periods.

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 35.1648. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 55.35. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 44 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 61. This is not a topping or bottoming area. The last signal was a sell 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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