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  • Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) Biggest Financial Losers

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    Thursday Aug 18, 2011 at 12:59 pm EST
     

    Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) Biggest Financial Losers
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    US stocks crumbled down, with the Nasdaq down nearly 5% after data showed factory activity in the US Mid-Atlantic region unexpectedly fell to the lowest level since March 2009. Shares of Citigroup Inc. (NYSE:C) are now trading at $27.7 dropping 7% Today and down 41% YTD. Major resistance levels for Citigroup Inc. (NYSEC) above $27.76 are at $30, $37.65, $39.18, $40.06, $42.3, and $44.6. There are no support points below Today's current price.

    In a report Yesterday,Bank of America Corporation (NYSE:BAC) said it is in talks to sell a major portion of Merrill Lynch’s real estate portfolio to the Blackstone Group for up to $1 billion. As per sources Today, Bank of New York Mellon (BK) is opposing New York Attorney General Eric Schneierman's intervention in Bank of America's $8.5 billion dollar settlement of Countrywide mortgage putback claims with institutional investors.



    Shares of Bank of America dropped 6% and is currently trading at $7.03 Today. Major Resistance levels for Bank of America Corp. (NYSE:BAC) above current price are at $7.46, $9.66, $10.23, $10.55, $11.16 and $11.84. There is no major support level below the current price and a negative news can be real bad for BofA here. Investors are highly skeptic about the economy and any negative news results in fear sell off.


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