Bid now.....$17.10. Puh! :P! So much for my .25 "get," eh? It happens....just got to ride it out. I think part of the problem is the overall market FUD being generated by the Russian equation. Not much is gonna float upwards in the face of it...excepting arms merchants and such (heh). Let's see how it plays here...
Okay...when I trade I play a +10penny game. My .25 bid got hit on Masters continued yankied of Poochie back to heel. .25 is about where Master let Poochie play yesterday so that was my target area. Except for yesterdays starting jaunt to the ~$17.10 area this .25 area is about the lower bound of a channel (think dog run - heh) Master has been keeping Poochie within...
Let's see if Master is still controlling Poochie in this fashion......Master can change his/her mind any time desired.. ;-)
Master is walking Poochie back down from having let her off the leash at open to run a bit...bid now back at .33. So in looking at a 5 session chart it's clear where Master has the "throttle the leash" mark....and given the pressure still being exerted here at .33 it looks like Master wants Poochie back in the .20's...bid now .32
Gotelk44: How far will it run? Right now it's testing a level it's tried to get on top of several times in the last 5 sessions (or so). This is the ~$17.45 area. It crunched to .47 and is (for now) again falling back...bid now .41. Regardless I still think there's little downside left in this equity at this level....excepting any impact caused by general market/world nuttiness. If it can break thru this area then momo could carry it to a retest of recent highs at the ~$17.60 area. Not saying that will happen today...only that this is the set-up. Above ~$17.60 the pps enters a zone it has not been at in ~5years. On a 5yr chart the TA screams overbought....but to a certain extent this does not reflect all the changes in BAC the company. Changes that could be indicative of more upside than down...this despite the TA signals. Times like these point to how/where TA breaks down as an analytical tool....bid $17.41. Let's see how it plays out..
Why not? If push comes to shove it comes to this. The taxpayer, by dint of the 2008 debacle, basically own these companies. They are the "legal owners." They, and their legal representative Uncle Sam, can do what they dam well please and the rest can sux it. Just sayin' is all.
Nah...it seems no "oh my GOD get me OUT of this position!" selling is going on...more just settling out from the last most recent rise. I'd added to my position on the dip to the ~$17.10 area. So far (with bid now at $17.23) it looks like Master is allowing Poochie to stay north of $17. There really does seem little inclination for much downside beneath that level. On a 10 day chart it's clear (to me) that the bid is still on an uptrend inclination. So yesterdays small slide plus todays opening yankie amount to consolidation of the supply/deman equation. A bit of noise along the way. The long view (+1yr) is one of any p/b being prime buying opp's, and so long as BAC the company can put its issues to bed, combined with continuing improvement in the sector, the least resistance forward is up? ;-)
Nope...bid still being turned back on approach to ~$25. Looks like the game is go long on p/b's and flip to the short side at the ~$25 line. For now in any case...
Nobody knows, but the guberment is in control. That's why everyone is gambling and playing the equity. The guberment has come up to this "threat" line several times in the past, and nada has happened. So folks think that's what's happening this time. And this might very well be the case.
But consider the guberment as a volcano...and all the players villagers living on and around its base....consider the guberment....Mt. Vesuvius. The guberment rumbles. The guberment belches and hisses out gases and maybe a bit of "lava." But it doesn't alarm the villages; they've seen this many times before and nothing came of it, so why worry? And so they continue to play while the pressures build....if the guberment goes forward with closing Freddie/Fannie (this time) then it's midnite of a major eruption and the villagers are gonna be hit with a pyroclastic flow wiping them all out....and history will show they had plenty of time to get out and save their #$%$...but gambled instead and lost (except if you're short).
The above is a bit of hyperbole. Just contemplate your "bank" (wallet) from the this vantage point then decide for yerself how much you're willing to risk. It's all up to you. Heh!
No one seems to get it. Guberment intervention guaranteed guberment majority ownership in this "company" when the frack hit the fan circa 2008. It doesn't matter what the minority shareholders think, whine or say, regardless of their deep pockets or purported "connections." The guberment has its hands on the throat of the golden goose and, given current economic climates, ain't about to turn loose of it. Majority owners change the rules all the time in this game. And the guberment does even more so (just ask your friendly American Indian). My advice is play the equity as a trade if you feel like gambling. But don't bet on Uncle Sam having your interests at heart in this regard. He don't. He's got his his hands on the goose. He owns it. Everyone else can go suck it....
Yah...MU rolled right over didn't it? It doesn't like poking its head north of $25 that much is clear. As for BAC...I'm watching it carefully...got a close stop just under .20 on this "get." .25 seems to be a support zone but it's tested this area 4 times in the last 3 sessions. I don't like this....if the .20 area fails then there's that Mar 5 gap (from ~$16.70 to ~$17.10 that may need to be filled. Not saying this will happen, only that these are my breakage and monitoring targets. Master could walk poochie down to the Feb 20 $16.20 uptrend line that today sits at a little north of $16.90. Overall the market is acting very frothy...indicative of a possible top setting up overall. And if so I'm sure all boats that have floated high will follow the tide. (so to speak).
Just some thoughts of course.
That's the line the sell side is standing on right now....it's getting hit with abandon...but just keeps refilling and refilling and refilling....sell side has some deep pockets today...
Okay....my low-ball ~.25 bid got hit so I'm in for a trade. Will hold it overnight.....just another day of Master strangling poochie is all....
American Indians would not be surprised by the turn of events. HEH!
And just like that I'm down ~10pennies. Bid now $24.68. Looks like it's one of those "hole in the bottom" days. If this break holds up then it could be walked down into the .50's next...though maybe not today...but so long as the ask shows heavy in overhanging a bid that's taking all the action it's.....possible. :P!
Codi: Funny...we must be on the same wavelenght..I just bit a MU position at .78...now looking at BAC. Master has been keeping poor poochie severely constrained today....not sure the why of it...but hey, WHAT am I saying!? It's BAC after all. Anyway...I'm looking at mid .20's to open another trading tranche on this one....it may not get it since the bid is giving the appearance of stabilizing here at .29. But today has been all head-fakes to the downside so my WAG is this show of support at .29 is just that...a show on the way to the mid .20's. Let's see how it plays out....bid now ,.30
Well the last time I checked the bid was just peeping north of $25. I see Lucy did her usual number on the buy side camp? And in usual "lull them into confident complacency then YANK" that ball away...but down here at .78 I see a trading opportunity so...I'm in.....the ~$24.70 area seems a resistance/support zone that's developed...I'm wagering that this time it's support. Now watch the bid crater to .30... :P!
HA! Mexican hat dance indeed. Dancing around a ~$17.30 to ~$17.60 brim it seems. But here at .38 it seems a good entry to deploy some profits I made on some FNMA gambits. Just waiting on the sell side assault on bid receding a bit....looks like Master wants to take Poochie back to the mid-.30's...
Bid now .36