There you go; profitability in 2nd half will be hard.
That says it all. So much for the "one time" quasi gains.
Most of you here have no idea what you are doing.
I'll cover at 10.67; good luck longs.
I heard that and it surely didn't sound positive. Having said that, BAC is still a good investment going into 2010. Once the economy recovers, BAC is very well positioned with CW and ML.
For that reason, I don't think we'll see 10's. Maybe low 11's because it's still a steal at this prices going into next year.
For the nexr few months, I'll be doing more daytrading with BAC than I have been. Swing trades and nomentum plays won't work as well...
Hey M..... it is starting to play out as I thought it would. At this pace perhaps this will reach 400 million in volume by 12:30 or so and then the rug will be pulled out.
I can easily see the giant offering price average of $10.67 being tested; it'll take a month or so to get there but it will imo.
Good trading to you!
I would agree. BAC is about the longer term and I think most intelligent investors understand that. There are many so-called longs on this board, however, who seem to be blind to reality. Remember all the predictions as late as last night of earnings from $.50 to as much as $1.25/share? Even today I see many that completely ignore the credit problems BAC itself says remain. Oh well. This is a message board after all.
Just as an extreme high volume big down day is a signal to be buying, today's high volume "up" day is the signal that it has topped and is time to sell.
I couldn't be more secure in my short position than I already am. The cc is confirming all of my opinions.
Short at 13.42 average.
I've seen this kind of action 1000's of times. This will be held b/t 13.20/13.35 until volume is around 400 million and then the bottom will fall out.
Why most of you retailers continue to fall for this is beyond me.