Bank of America Ready For Another Death Dive?

Shares of Bank of America BAC are under significant pressure again on Monday, despite a very strong broa market tape. With the Dow trading up around 130 points at last check, BAC shares have lost more than 3% and are trading at a new intra-day low of $6.76. Bank of America (BAC) has been falling consistently, and at a very rapid pace, throughout 2011, and this has left a lot of longs trapped in the name at higher prices. As a result, it is very hard for this stock to gain any traction to the upside, as there are tons of sellers who are using any bounce to bail out of the stock. As traders continue to watch BAC fall, once has to wonder how long CEO Brian Moynihan can hang onto his job. Reports indicate that he is under tremendous pressure to stabilize the bank's share price, and this far, that has not happened. The unfortunate situation that BAC's board of directors finds themselves in, however, is that if they move to replace Moynihan, the stock may fall farther. Despite the fact that the current CEO has been less than accurate and forthcoming in his statements regarding the bank's forward looking performance, a change at such a critical juncture could roil the market even more.