Bank of America is the most oversold name on our strategy compass, and it got there on weak guidance its CEO gave at a conference.
Brian Moynihan warned that investment banking fees would fall 10% to 20% year on year this quarter, with trading revenue flat. The stock dropped on it, and across the broader universe of names we look at, nothing's more stretched to the downside right now.
Vol's plateauing, skew has turned up. Looks like a bounce setup.