Yesterday, the market sold off after a CNBC reporter stated that Fed Chairman Ben Bernanke told her over the weekend that the market misinterpreted his comments pertaining to interest rates. Continued strength in economic data, continued increases in commodity prices, and inflationary pressures would leave him no choice but to keep raising the Fed Funds rate. The Dow, S&P, and NASDAQ all gave up their gains and closed negative on the trading session.

Today, the economic calendar is fairly empty aside from motor vehicle sales reports due at the closing bell. The 10-year Treasury yield spiked up to 5.13% on yesterday's interest rate sensitive news. Gold continues to climb, currently 662.80 or ounce, as does crude oil, trading at 74.15 per barrel nearing its 75 resistance level. With this in consideration, U.S .stock futures are still trading higher suggesting that yesterday's sell off was a bit of an over reaction. Price action after the opening bell will prove whether it was an over reaction or not.

Bank of America (Ticker: BAC) was hit big yesterday, when Fed Chairman Ben Bernanke leaked the fact that the market misinterpreted his remarks regarding future rate hikes. The stock was hit big on high volume selling interest, but this was the case with many others as well. The main point of focus here is how BAC may react on a comeback in today's trading session. It may occur to traders that there are several stocks on sale after yesterday's sell off. BAC may see some buying interest and may not. If it does, one key thing to watch for is the price action once BAC nears 50.

BAC has attempted to move through 50 on several occasions recently without success. This resistance level is significant and should not be ignored. Shorting BAC near this level provides a scenario with minimal risk and a nice potential reward.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.