New Price Target For Bank Of America - Zero!

Point and figure charts are out of favor these days as there are more sophisticated ways of monitoring the markets.

What happened today with Bank of America (BAC) I have never seen before.

The old school charts pointed to the ultimate end of BAC - a stock price of zero as noted in the top left corner.

While it is most likely that BAC will receive some type of bail out, whether taxpayers wish it or not, this does show the seriousness of our second financial crisis.  

Many banks are failing.

They took on too much risk since they had an implicit guarantee from government.

Now taxpayers are on the hook.

How many will fail before they become too big to bail?