Which Direction is Bank of America Going?
My Account was up about three hundred dollars. I sold VRSN at $19.37 at market open. I sold it too early. It ever went up to above $19.80. But as I mentioned in my previous post Verisign was down because of a pricing fixing law suite and I believe the law suite has a lot of merits. If it went down more I wouldn’t feel surprise. I am glad I make money on that deal.
I made some profit on trading Bank of America mostly by shorting it above $12.30 and covering it in $12.20 level. I feel Bank of America wanted to go up for another step however its peers (USB, WFC, JPM) didn’t want to. And that eventually drag Bank of America down. In fact Bank of America was ahead of its peers most of the day. At the end I was holding 1000 shares of Bank of America at $12.06. Bank of America was down really fast in the late session. When I set up the order to buy BAC at $12.06 I was thinking BAC was very strong during the day and if it went down to 12.06 it could quickly went back up. But it didn’t went backup and stayed closer to its peers.
I feel the upward expectation on Bank of America is still high and mostly it will open higher to $12.10 or above in pre-market tomorrow. If economic data released tomorrow is not too far out of line I think the bank sector should rebound a little. If all data beat expectation I feel Bank of America can jump ahead of other banks again. The gain shown on my account today included gains on the USB puts I did not close yet. I mean to hold it pass the expiration date which is next weekend and pocket the total proceed of $450. Excluding the gain on puts my profit was about $240.
Account Balance Change: +$343.09
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Hi,
First thing, be up before 8:30AM, if the numbers are better than expected,we should have a great day tomorrow if you are long that is. today a golden cross on the spy was made, and higher lows were made on the charts. also 4 straight doji on the charts this week. market will break out hard tomorrow based on the news. also don’t forget the30-Yr Bond Auction
at 1pm. good luck
Retail Sales
8:30 AM ET
Jobless Claims
8:30
Thanks for reminding, Epena!!
Had to hedge myself with some shorts, numbers were mixed. be careful, I don’t think we are going to have a positive day. place your stops and be on the look out for the 1:00 if it fails the market will sell off hard. GL
FTSE is up on US sales data though. I guess BAC has a good chance to run up a bit in early session
Alright, futures turned green, whenever you decide to get rid of BAC, don’t sell them all at once. Do it in increaments, that way if the stock keep going up you wont miss on the upside. Ithink it will be a great daytrading day with a decent range on the SPY up until 1:00. After that god only knows.GL
I unloaded now. Meet target already. I will wait and see if there is further opportunity to long or short
nice trade.
Well, I took a big short position at 12.50. Losing big time now. Should’ve listen to yours
this is an up trend day, I’m afraid we will go much higher, if the 30yr auction is good. I wouldn’t go short till the last 5 minutes of the trading day. or if the auction fails.
I was betting on the auction won’t be good. The market doesn’t keep this mind however. Where do you find the treasury action schedule?
its in my first post. My stops were hit. market neutral now, watch the SPY if breaks above 950 then i’ll go long for a quick daytrade.
I found this link for treasury bill action schedule. I will put it in the link section
http://www.treas.gov/offices/domestic-finance/debt-management/auctions/auctions.pdf
Data released today is not that good actually. But BAC is lift by upgrade. If auction is not good then BAC can be close down under 12.50. But mostly likely my day is a lost.
I think the auction will be good, big rally coming we broke 950 on the s&p.
went long fas 10.64 with super tight stop.
small scalp stopped out 10.66