Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Bank of America (NYSE: BAC) shares were one of the weaker performers yesterday, dropping 2% on concerns aired by (former tech analyst) Henry Blodget that the bank was in dire need of capital, and might have to raise as much as $200 billion to stay in business. This morning, the rebound came; shares were up 10% on reports that certain other analysts -- ones not banned for life from the securities industry -- think B of A will do just fine.

So what: Adding to the refutation of Blodget, the analysts in question -- Meredith Whitney and Raymond James staffer Anthony Polini -- actually work in the banking industry. That's as contrasted to Blodget, who previously practiced porcine cosmetology, and the pumping and dumping of tech stocks.

Now what: Which analyst should you listen to? Hard to say. I personally don't put total faith in any of them. But with B of A stock currently selling for a bare 0.3 times book value, and less than 5 times next year's earnings estimates, my hunch is that the facts favor B of A and its backers in this battle. The stock looks cheap to me.

Bears versus bulls -- who will carry the day? Add Bank of America to your watchlist and find out.