Think it'll stay +/- 0.10 of todays OHLC and then tank on thursday. Daily charts show FAS & XLF about to keel over but with that Cramer telling alll to buy WFC & BAC can't tell what effect will have.
The RSA (14) in the daily chart shows it's just about time for a drop in price.
The FIBS, Highs and Stochastic's are all short term bearish!
Bollinger Bands are 43.8% narrower than normal.
The narrow width of the bands suggests low volatility as compared to BAC's normal range.
The bands have been in this narrow range for 23 bars.
This is a sign that the market may be about to initiate a new trend.
Max pain $12 with an $11.17 bias!
Let's see what today brings!
I covered just above the intraday support near 100.70. I may regret it, but as my dad used to say, nobody ever went broke taking a profit, and a five figure profit in less than 24 hours is nothing to sneeze at. I may jump back in later.
13.45 was my out point to based on technical. Challenge is, I am seeing very large orders at this level which indicates a possible breakthrough of the 13.45 resistance level. I actually intended to short it at 13.60......changing my plan based on what I am seeing at the moment.
I am feeling crushed by the big move up, but I expected it, but still feel uneasy, somewhat.....
The shares are overbought, the RSI and stochastics show point me to retracement .....
And the shares always run up to the 23.6% FIB and retrace.
We are right there!
I never short shares with the theoretical opportunity for total loss, but I am loaded up on September PUTS that I believe will drift back toward the money and I can cash.
On the other hand I an prepared to loose the premium should I be wrong!
Trust me I am not always correct in my trades!