Well, BAC jumped this morning. As typical for financial firms, the inspiration was that its earnings were non-horrible. Looking at this graph, I cannot help but think of the downside opportunities. Obviously the firm is in a broad, general downturn, and the last four trading sessions have created a massive bear market rally, adding more than 50% to this stock.
I got stopped out of this position at the opening bell, but I am confident enough in the downside potential of this stock in the coming weeks to re-establish my position.
A reminder – I am on "vacation" (I put it in quotes, since I've been doing a lot of catching up ever since I got here), thus my blog comments and entries will be far more sparse than normal. Tawk amongst yerselves.
