Bank of America has dropped from $10 a share to $7.40 a share over the past few weeks. So has the stock finally bottomed and is it finally worth buying?
Cramer went “Off the Charts” to find out, with the assistance of highly regarded Wall Street technician Dan Fitzpatrick. What they discovered didn’t look good. Fitzpatrick thinks BAC is still stuck in the same downward trend it’s been in since March of 2010. And Cramer agrees.
“The bank is now selling the good—its fantastic international credit card business—and funding the bad—the mortgage morass,” he said. “Until the company either replaces management or gets its arms around the total possible exposure to mortgages, it’s just way too hard for those who don’t own it to wade into right now.”
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When this story was published, Cramer's charitable trust owned Bank of America.
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