Berkshire Hathaway bought 33.9 million shares of the banking giant between Monday and Wednesday. That increased Berkshire's stake in Bank of America by $813.3 million to more than $24 billion. BRK holds 11.5% of BAC now.
BAC chart compared to S&P500.
Observe the top of both the NASDAQ and S&P
BAC started bottoming when the 2 indices started falling.
2008 was a banking crisis which directly impacted BAC and it fell relatively harder than the indices. In 2020, Banks are well capitalised and backed by the FED, so chances of a banking crisis are slim.
Add to that, NASDAQ is clearly overcooked at the moment(Check the historical chart. Top of the major trendline. That said, it Could also break up)
BAC chart compared to S&P500.
Observe the top of both the NASDAQ and S&P
BAC started bottoming when the 2 indices started falling.
2008 was a banking crisis which directly impacted BAC and it fell relatively harder than the indices. In 2020, Banks are well capitalised and backed by the FED, so chances of a banking crisis are slim.
Add to that, NASDAQ is clearly overcooked at the moment(Check the historical chart. Top of the major trendline. That said, it Could also break up)