That is exactly what Master is doing. July 25 $15.50 Options are aiding the effort, too. Love the way all the action keeps ziggying across between the spead.... :P!
Bid $89.45. GREEN! And by 62pennies. After spending most of the day down around $89 it finally took off at ~15:15pm. Let's see how it closes. Bid $89.41.
By the way...the way $15.50 keeps being a magnet tells me nothing is coming DoJ decision-wise soon. Or at least the market doesn't think so....could be a long dull summer....one we're about half way thru at this point...
Speaking of advance notice there IS the old adage that the market always "knows?" Which is why I watch the intraday on BAC so carefully. I figure anything "funky" in the action is probably telegraphing something coming........'course....what funky means is anyone's interpretation. (VBG)
Ummm....you don't think all the DoJ related FUD would be having something to do with it do you? ;-) Basically it's the spike in the ground to which Master has tied Poochie. Poochie can run, jump and bark but only to the end of the chain....which....ain'[t that long me thinks. In any case a slight downward drift on a light volume day ain't a bad indicator. Not good. But not bad either. Let's see if Master moves the chain here in the final 45 minutes of the session. Bid $15.50 (funny how that line keeps being the magnet)
Fear: "...he underwriting guidelines were in writing and were met."
Sure they were . Were you actually of legal age back in the early 2000's and the frenzy of the real estate bubble? And frenzy it was. You wouldn't be so sanguine with you commentary if you were. An example...a small example....is a "buy it and flip it" TV show that was very popular...as well as many info-commericials on how to do the same. Buy with no money down types of stuff. It was all wink wink nudge nudge stuff in line with keeping the frenzy going. Of course nobody, or very few, saw it for what it was....an unsustainable "this must end badly" frenzy.....unless they bothered to juxtapose the sheer cost of property against then current normalized income levels of the buying community. A juxtaposition that was quite....stretched. It was what it was, and Wall Street and the banks are culpable for the antics of the time.
Hey with all the back-n-forth...with being up to ~$89.90, down as low as $88.58 and the bid now at $88.80 the equity is down a whopping 6 pennies. More or less. Big whoop. I suggest everyone stop watching the tick by tick. Yer gonna drive yourselves nuts in doing so.....bid now $88.80
Gerbil: No idea...but if you've tracked BAC intraday, especially the opening hour, then you're not surprised by what you saw. It's probably just trading action along the lines Huck mentioned plus the simple fact that the equity is a tailor made vehicle for the Algo's, HFT's and all the other "bots" that dominate the volume in this game.
The only way one can play this game these days is by keeping this dominating characteristic in mind. The Algo's. The HFT's. The Bot's. It's kind'a sort'a like playing chess against a machine....without the machines "deep blue" aspects. You just have to consider that theyhave been programmed with all the ways people think in playing this game. The stops, etc.. Their action is predicated on the presumptions this programming engender. Consequently you have to alter how you play in light of this. Play in anticipation of stop run surges and such. And so the "arms race" continues.....Ummm....and this is merely my opinion...I could be waaay wrong....
Bid .57. Bit being stymied in classic ask capping fashion....
All selling side action has dropped the bcid to ~$89.06. Opening up a trading tranche here. Stop just below yesterdays low. Looks like the usual pre-earnings mischief is "afoot."
I like the headline, which Google Translates interprets as "Q3 DRAM prices are expected to hit the jackpot China rose more than 4% intraday subfamily."
An additional translation: "DRAM prices continue to rise, Nanya previously had said the third quarter into the traditional peak season demand in personal computers, servers, and mobile market strong, driven by the third quarter of the DRAM market is expected to continue to show lack of supply, average selling products price compared to the second quarter is expected to increase by 5%; corporate forecast DRAM spot and contract prices continued under the stock price to rise at least another 5-10%, Inotera will directly benefit the third quarter revenue and profit will significant growth.
File it under "things that make you go HMMMMMM???" ;-)
Because that is what Master does. It's all about the churn. And it will continue to be about the churn until the DoJ decision is rendered and some time is put between Poochie and the (for now) constant FUD. Bid .51.
Strangling Poochie on the leash. The first 15 minutes have been all selling. In fact the bid has been taken straight down to my earlier mentioned uptrend line (set in place from $15.05 on June 2). Yesterday that line was resistance before it broke in the final hour. Right now it sits at ~$15.49. Let's see if this is a test of support or just more of Master doing what Master does. Bid .50
Sell side is hammering the bid which is now at .50. Master does NOT want Poochie going anywhere..for now..looks like it's back into the .40's. In fact..bid just got hammered to .47. First 15 minutes has been all selling...
Okay Master let Poochie get to .62 before yanking the leash to .56. It's a long day so let's see if .65 is on the table (or dog run) for today..