BofA (BAC) Has No Positive Catalysts

The only catalysts Bank of America Corp's (NYSE:BAC), and there is nothing at this time that offers anything to suggest the share price will move up.

Mark Coffelt, head portfolio manager at Austin-based money manager Empiric Advisors, said, "It's on a self-fulfilling downward spiral. I don't know what's going to make Bank of America go up."

Bank of America continues to be used by many analysts as a bellwether for the rest of the banking industry, pulling their share price down with them.

The company plunged to its lowest level since March 2009 on worries over capital raises and probable write-offs. Insuring the debt of the bank against a default has risen to the highest levels ever.

Credit default swap insurance soared 64 basis points to 435 basis points. That brings costs to $435,000 a year over a five-year period for every $10 million in bonds.

Bank of America was trading at $6.21, down $0.21, or 3.27 percent, as of 11:01 AM EDT.