Bank Of America is Still Bullish But I Bought Western Refining Inc Instead
It is the third day I hold the short position of Bank of America. 
I never hold a shorted position that long. The last record I held a short position was on Wells Fargo. I held it over the weekend for two trading days. I don’t feel comfortable holding short position for long as I know very well the potential lose being on the short side is unlimited.
I threw towel and took lose on Bank of America covering 2000 shares of short position at $13.30 and losing about $1600 on that trade. Frankly I was thinking about to go long on BAC today. Because I feel it still has momentum. Its price didn’t go down as much as many other finanical stocks today even after a big running up. Basically I dare not to be on the short side unless I find the price is extremely outrageous. It is the third big lose I got by being on the short side and I really don’t want that happen again. I was looking at a few stocks to long on. BAC, USB, WNR, and ATP. I am still holding a sold put position on USB and so I don’t want to long on it again. I want to see how the options work out on expiration day which is this weekend. If it works as expected then my account should go up $300.
WNR and ATP’s current price are all below their recent secondary offering prices and WNR even got an upgrade today. But WNR didn’t react positively so I decided to buy 1000 shares of WNR in hope that it will react to the upgrad tomorrow. If the market goes netural tomorrow I bet WNR will be back above $8.50. From the graph looks like the $8 is its support. Hopefully that will work out.
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My account balance is currently below $30,000 which is my revised initial capital
Account Balance Change: +$700.12
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Bank of America is a great stock for financials. Out of the sector I like Goldman, Wells Fargo, and BAC the best. Agree though mining is a growing industry with strong potential in the upcoming months.