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Two Ways: Bank of America Gets Vote of Confidence


Strengthen your portolio in good times and bad.


Bank of America (BAC) Chief Executive Officer Ken Lewis and 6 other executives purchased additional shares in the company Wednesday. According to a regulatory filing submitted today, Lewis bought 200,000 shares at prices between $4.78 and $4.81. Other directors also disclosed purchases of approximately 200,000 shares, including retired Army General Tommy Franks, who snatched up 30,000.

Shares of Bank of America dropped below $4 earlier today, hitting their lowest level in over 2 decades, but the vote of confidence may have helped the stock recover: It closed up 3% to $4.84.

Watch Toddo on TV: Get Ready for a Monster Move in the Market.

From the Bull Pen: Investors appear to be getting a better sense of clarity as we head into the weekend. Vehicles for consideration can range from Yahoo (YHOO) to the Financial ETF (XLF). But remember to keep those sell stops in place as the "monster move" can easily go the other way.

From the Bear Cave: Also helping financials recover were rumors of a suspension of mark- to-market accounting rules. But as Mr. Practical so eloquently stated on the Buzz, "Does anyone remember the lesson of Fannie Mae (FNM), which did not publish financial statements for a year and a half? Mutual fund managers paid a dear price for that lesson."

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No positions in stocks mentioned.

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