As usual the move in financials has been over done, thank you very much Ms. Yellen & Co.
I believe we are presented with a near term pullback. While I'm showing some support around 88, I wouldn't wait that long to take profits. Would be more inclined to pull the trigger around $90.50.
Don't get me wrong, I'm super long the financials and have been since $BAC was at $7, but it seems these guys always over react to news (or perhaps no news at all), and then correct. Look for $BAC (along with many other fin stocks) to pull back in the coming days. Near term target of $23.
Fundamentals are horrible. Company has thrived on low interest rates as they've been able to borrow to cover short term payables. Negative equity is on its way by next quarter.
