Following the earnings of Bank of America Corporation (NYSE:BAC) last Friday morning, financial stocks have been under serious pressure. Bank of America continues to sell off today, down another 4% to $13.45. JPMorgan Chase & Co. (NYSE:JPM), Goldman Sachs Group, Inc. (NYSE:GS) and Wells Fargo & Company (NYSE:WFC) are also all lower on the day. Today, President Obama signed into law the Financial Regulation bill. It is now law and these firms will have just a little bit of trouble doing everything they used to, to make money.
Bank of America is into a double bottom on the daily chart at $13.50. Should that level break, it could fall all the way to $12.00.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
