Wednesday, May 07, 2014


BAC is one of my trading stocks, so I'm always involved with it in some form or another, which also means keeping up with the "news" on it, this morning had several articles come out at "Seeking Alpha" defending it at this level, plus the mortgage app's jumped 100% this week after hitting a decade low, plus they may be close to a settlement with the DOJ on the same fraud charges that they recently got JPM for, Ya Know, etc etc etc, the bad news can't possibly go on forever type of stuff, wad ever.
I think it has some more work to the down side, it's trying to set up a perfect "Equal Move" scenario off the March blow off high at $18, that point comes in at the $14.25 "area", which has a little support from the October-November period, but it could get into a "range" "area" that goes from $13.50 to $14.25, and I would also expect this to last for a number of months, as I expect the market to be a little difficult into the October time frame before the year end ramp job after the elections.
My point is I think I can pick it up at lower levels, then maybe buy January call's and sell calendar's or verticals against it on a weekly or monthly basis, and hope to completely pay for the January's before the year end ramp, it's just an idea I'm kicking around.

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