BAC is a buy; expects a technical bounce to at least 56, possibly 57-58.

There was another good deal, this was it. Look at Bank of America. So, how many times in its history has Bank of America experienced declines of this magnitude, literally going from $64 to $53 in about two weeks, or maybe three?

You can probably count them on the fingers of one hand in the past few years. The idea is that when you see a pullback like this in a high-quality stock, and it hits a key technical support line, that's when you should look and say it's an opportunity for a bounce.

Therefore, I still maintain a buy position in Bank of America. I still think it will rise higher. It is trading higher today, but it needs a good technical bounce. I would say at least 56, and perhaps if we are lucky, from 57 to 58, specifically in this range.