The following information on BAC is provided courtesy of Wikipedia:
"Bank of America Corporation is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second-largest bank holding company in the United States by assets. Bank of America serves clients through 5,600 branches and 16,200 ATMs in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average.
As of 2010, Bank of America is the fifth-largest company in the United States by total revenue, as well as the third-largest non-oil company in the U.S. (after Walmart and General Electric). In 2010, Forbes listed Bank of America as the 3rd biggest company in the world.
The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market.
The company held 12.2% of all bank deposits in the United States as of August 2009, and is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors. Bank of America operates in all 50 states of the U.S., the District of Columbia and more than 40 other countries. It has a retail banking footprint that covers approximately 80 percent of the U.S. population and serves approximately 57 million consumer and small business relationships at 5,600 banking centers and 16,200 ATMs."
The 3-Year Daily ratio chart below shows that BAC has recently begun to outperform the SPX after breaking above and retesting a triangle apex/50/200sma confluence support level. Price is at a confluence of Fibonacci and trendline resistance.
It's one to watch to see if this banking stock leads the financial sector higher (to confirm a "risk-on" rally) and outperforms the SPX in the process.
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