I don't have a position in BAC. I was long but got out on Thursday.
The earning have to be out of the park for BAC to trade above $11.50 Monday. If it barely meets or doesn't meet eps, it will in the low 9 to high 8s.
It all depends on earnings, none of you know where the price will open until u see the earnings. Also, you will have to see the guidance and what they say about credit and loan losses and etc. This is a huge bank with all kinds of exposure to loans, 70 million credit cards, millions of mortgages, etc. No one knows what they will say on Monday until they do I stay on the sideline.
I am looking to go long or short based on action on Monday AM.
I am long, but the problem is after earnings what is there to look foward to, Thursday the banks meet Obama that is always a bad thing. I am going to get out in the pre market and get back in Thursday.