Currently, the financials are weak and will probably be weak for a while.

I will wait for signs of turning around before buying BAC.

Also, BAC announced their payback to the government. The stock went up with high volume only for 1-2 days and fell right back. That's is not a good sign.

Nevertheless, I do agree that BAC could have good potentials. It is the strongest among the bank in terms of market reach especially after the acquisition of Merrill. However, it is still hold on to toxic assets which on one knows how many skeletons are there in the stomack.

Thus, I will buy BAC when there is a technical bullish turnaround. I do not see any now. When I buy, I will protect myself with a longer term put. If I am wrong, at least I am protected.