Bank Of America: A Lot Of Noise, But For All The Wrong Reasons

No doubt, Bank of America (NYSE:BAC) is still in the bargain bin. The stock trades at merely ~$16.16 at the time of writing, and it is a lot lower than where it used to be just a month and a half ago. On July 22, 2015, Bank of America's shares reached a new 52-week high at $18.48, which was encouraging since shares languished for a long time. The global equity market sell-off on August 24, 2015, however, hurt Bank of America. Though the stock has rebounded from its August 24, 2015 low of $14.60, Bank of America is nowhere near new 52-week highs. Is this still an investment opportunity?

Absolutely. After Bank of America slumped 5% on August 24, I recommended the bank's stock in my article "Time To Grab Bank Of America Out Of The Bargain Bin In Light Of The Market Panic?" simply because investors had completely lost their way in the global panic that spread like wildfire around the world. Bank of America has now recovered a little from this sell-off, and the Relative Strength Index underscores that the stock is no longer oversold. That's a good sign.

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