As I mentioned twice on this board before, BAC's CEO said, during an interview early June, "There will be two to three ugly Quarters ahead". No analyst has ever paid attention to this interview. I read once on the net and tried to search the article next day but in vain. Somebody deleted this article right way! I sold all my holdings of BAC and bought WFC.
mofo MM who shorted BAC into option expiration now have to cover their short positions... it works like this:....hedge funds sell calls on the july 13 strike. at the same time they buy puts on the july 13... they then short the stock big time so that the buyers of the 13 strike cant exercise their options... next, by driving down the stock, the 13 puts become valuable and they clean up on those... monday morning, they must cover their previous short positions by driving the stock down again, like they are doing now... as soon as they are finished getting their shorts covered, they will raise the pps,and start the cycle all over again for august options.... Lodas
trangy--the unemotional ranting crap that goes on here will never give u a simple answer. trading should be unemotional. bac-c-jpm have a large exposure to credit..gs and ms dont i take out wfc cause thier bad crap is coming. jpm is considered the best of the bad 3 credit banks. the credit that woriies folks is home eq-credit cards- and a biggie in commercial loans... bac will head for 20 over 12-18 months if the economy turns up. if it doesnt turn up then its dead money... all of these have had huge runs so lots of profit taking and sell stops below....this $$$ will rotate now to higher beta names.....good luck
Yes. BAC and C had absolutely terrible earnings and now they're going to each drop about 25% from Friday's close..... JPM is overvalued. WFC is yet to report earnings and is a pretty solid bank and GS is killin it.