A few weeks ago Bank of America saw its stock price trade below $5 and everyone, I mean everyone, was loudly heralding the development as a death omen for the bank and perhaps even the American financial system.

Well it turns out that the bank’s stock price made a bottom that day and has risen by nearly a third since then. Some death omen.

The moral of the story is when everyone is on the same page it’s usually a wonderful time to tear it out of your playbook.

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