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  • Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) On The Rise

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    Tuesday Aug 30, 2011 at 06:45 pm EST
     

    Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) On The Rise
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    Shares of Citigroup Inc. (NYSE:C) closed at $30.94 on Tuesday at support level of $31.01. Major resistance levels for Citigroup Inc. (NYSEC) above $30.94 are at $37.63, $39.11, $40.15, $42.63, $44.43, $45.65, and $46.9. Major support points below Today's close are at $30.02 and $27.21.

    Citigroup Inc. (NYSE:C) is said to be raising a $395 million collateralized loan obligation to be managed by Apidos Capital Management LLC, according to Bloomberg. The Apidos CLO VIII is expected to include a $264.4 million piece rated AAA by Standard & Poor’s, said the people, who declined to be identified because the terms are private.



    In another major blow to BofA Today, U.S. Bancorp, in its role as a trustee for investors holding $1.75 billion in mortgage-backed securities, sued Bank of America (NYSE:BAC). The parent of U.S. Bank (NYSE:USB) alleges that terms of the mortgage-backed securities were not adequately met by Countrywide Financial, one of the nation’s most aggressive lenders in the historic housing bubble.

    Shares of Bank of America dropped 3% Today to close at $8.12 Today. Major Resistance levels for Bank of America Corp. (NYSE:BAC) above current price are at $9.7, $10.43, $11.34, $12.13 and $13.56. Major support levels for Bank of America Corp.(NYSE:BAC) below current price are at $7.46 and $6.38.



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