Volume Spike Investor

Bank of America Corporation (NYSE: BAC) is going to probably have either record trading volume today or at least something close to it.  It won’t be known for some time whether the volume will beat the dog days over the last year, but the capital raise was even larger than originally set.  It priced its common equivalent securities at $15.00 versus a $15.76 close.  This will allow the bank to draw gross proceeds of about $19.29B, which is above the $18.8B it originally targeted for a capital raise to repay TARP.  Even at 7:35 AM EST we have seen shares trade down at $15.30 on over 2 million shares.  The specialist isn’t even in the game yet, and that 185 million share average should be blown through faster than something nasty that goes through a goose.

JON OGG