Bank of America (BAC) pulled back right after it overtook Citigroup (C) as the largest bank by market cap a few days ago as CFO Alvaro De Molina. Since then, Bank of America has slid from above $54 to below $52.5 at a time when there have been several catalysts for banks. Sure it’s a great loss, but I believe this selloff is more of a panick than Bank of America not being the best bank to own anymore. Just yesterday, the huge merger deal between Bank of New York (BK) and Mellon Financial (MEL) boosted the financial sector. Even Citigroup was up on this news while Bank of America is down? (Bank of Amercia should only trade higher or in-line with Citigroup, never trade lower- its an atrocity). Today, the ISM Services reported a great upside surprise, signaling the financial sector as well as the other service sectors are doing great and yet Bank of America is still down. What to do? Read the rest of this entry »