Bank of America Running On Own Merits (BAC, FAS, C)

Bank of America Corporation (NYSE: BAC) was recently named as one of the Top DJIA Stocks With Upside for 2012.  The problem is that the target price from the consensus analyst reading from Thomson Reuters was almost too good to be true.  Now shares are up above $6.00 and Warren Buffett might now not be looking like he was taken advantage of too badly.  When shares broke under $5.00, traders worried that the $5.00-rule might get in the way.  After a 7% gain today to $6.22 investors have to be wondering if maybe things were not all quite as bad as they feared.  The run is bank-specific as well, but if it holds it may lift the rest of the ships.  What if the bank actually manages to make another profit and what if its real book value holds up?  Sure, book value is now likely a hard ceiling rather than a floor.  Still, earnings power or not, the move has been impressive.  The Direxion Daily Financial Bull 3X Shares (NYSE: FAS) is only up 4% at $70.99 on the day and Citigroup Inc. (NYSE: C) is only up 2.9% at $28.99.

Sometimes it may be better to be lucky than good.