Nice....this is basically testing a triple top (of the last 3 months) as it's been up to this ~area two other times in the last 3 months. Possible triple top break-out setting up, and it's putting $16.50 on the table for testing....and that level falling puts $17.25 on the table...a line it last saw back ~March 24. Things are lookin'.....pretty good? ;-) Bid $16.06.
Dare I say this....maybe +$16 today? Bid is at $15.88 and we've another ~3hrs remaining in the session. It could do it...especially when I'm seeing such as a 100K block buy just ziggy by at $15.89......but let's see how it plays
Don't know about "awful lot of money" but I tend to agree. In any case they remain a "going concern" despite the heavy lift of all the settlements. And now without the DoJ boat-anchor weighing Poochie down I'd like to think that at current bid $15.85 this one is about as close to a slam dunk (for the buy side) as this game ever allows.....just keep yer fingers, toes and eyes crossed that nothing massively negative occurs on the geo-political economic front to impact the BAC pps rosy scenario that is unfolding....
Besides.....check today's Bloomberg report....here's a cut-n-paster:
"Countrywide Financial Corp. co-founder Angelo Mozilo hasn’t entirely escaped prosecutors’ wrath for his company’s risky lending. A U.S. government task force wielding an innovative legal strategy plans to bring a civil case against him over the excesses of the subprime-mortgage boom. "
Legal actions are a notoriously slow grind...but they grind very VERY fine.....I would not want to be him these days....
Large block trades oft-times get broken up into smaller individual sizes....overall the action is basically dictated by the depth of the (large) plyers/institutions "book." With BAC it's hard to read any "retail vs institutional" character per se simply because (to my mind) that true characer is being masked by Master and his minions. Overall there seems to be a higher highs higher lows intraday scenario shaping up....and using the stoch's seems the metric of choice in determining the stair-step p/b's along the way. But we're only a little over 1hr into the session...let's see if this continues...for now the aforementioned pivot point is being broken...if it stays that way then ~$16.10 is on the table as a target....though probably not today...
Yah....no surprise the mischief continues. Consider, 1) the HUGE size of the float, and 2) the equity is a HFT/Algo "churn darling." Just because Godot (DoJ decision) has arrived doesn't change either of these two items. So though the bias is up you can expect to see a continuing HFT/Algo influence....they churned it down in sessions past....they will probably churn it (up) into the future. The dynamic may have changed, but the players have not....
Yah...bid now $15.81. Looks like some suppressed energy being released? ;-) Anyway....tracking my trading tranche with a (mental) stop at just above my 10penny market. If the direction continues apace I will ratchet it (the stop) upwards in accordance.....we could finally have a nice day in the BAC space. Not GILD-like, but nice for this equity...but let's see how Master play with Poochie after the first 30 minutes...typically speaking if "he" is gonna yank he does so at the ~30 minutes into the session mark.....
Huck: Inflection, or pivot, point is how I see $15.65. I just bought a trading tranche at ~$15.62 on the session opening yank. When trading I look for +10pennies. In this case I'm gambling on the opening touch (the bottom) and go go go! Let's see how it plays out.....bind $15.69.
Nah....fighting back against the powers that be is akin to fighting a cop who pulls you over for speeding. It can only end badly. Better to just "Yes Sir. Thank you Sir!" and move along....it ain't worth the effort to tilt against that windmill. Bid now $15.65.
Tigger: "....whether everyone is comfortable with the assumption that this is, indeed, the last of the big ones."
HA! I agree. I expect over the shorter time frame that the players will, in effect, be whistling at midnite thru the graveyard and constantly looking over their shoulder looking for the "another big one" boogeyman. It'll take time to stop being so gun-shy....but regardless my WAG is the overall bias will remain as it has been...upwards....so.....if'n you've a +1yr horizon buying now should make you happy come Labor Day 2015.....
PM bid $15.63.
Lan: As of July 31 the short interest in this equity was at 102.2M. That seems large, and it is up over the prior month, but nothing truly excessive when juxtaposed against the sheer size of the float. I don't see it providing all that much upside "energy" in pps movement. Why? Well...the professional shorts have probably closed their positions. It may account for a lot of the sideways to slightly down action seen in recent sessions. There would be little logic in holding such a position when you know a DoJ decision is imminent.
And for those still holding the position...well....even so given the sheer size of the float, and how heavily freighted the equity is, I still maintain that the equity is a lumbering beast not capable of breaking out into an Olympic sprint to the upside. It will (probably) lumber and lurch to the upside, all carefully controlled and choreographed by Master. You don't need to worry about missing and chasing. That said......since the analytical talking head/classes and powers that be have been so uniformly enthused by BAC's prospects I expect to see a blizzard of positive commentary in the coming days, and via all the usual portals and such, all a basic attempt to influence the overall direct. But even so...did I mention lumber? Bottom line for me? The BAC table is clear. The bias is up. The FUD is abating. What's not to like at current valuation, eh?
All just my 2pennies worth. Now watch the bid zoom to +$16 (heh).
CNBC has been talking up BAC, etc. using all the talking heads and the polemics against the guberment regarding "it's been unfair...it's been extortion (by the guberment)," etc. I care less. Leaving aside this clear attempt by the business media (CNBC in particular) to now "pump up the volume" on this equities pps Godot has, or is about to, arrive (finally). This clears the table for the next, longer term phase. One which I'll hazard a guess in saying should show the pps continuing to trend higher....probably into 2015.
But for now let's see what Master actually does with 'ol Poochie. Bid $15.60. Note that (I consider) $15.65 a resistant barrier the bid has not been conclusively north of in some time. The long side set-up is in watching the pps action against that line.
I won't be selling....but with opt exp around teh corner who can say. Besides....once again the fat lady has NOT YET sung.....so it leaves for Master and mischief. And even when the singing is heard I maintain you don't need to worry about BAC running away from you. It's a heavily loaded freigher and isn't going to be doing any Olympic sprints to the finish line. But the bias is positive, and I'm patient....this time next year should find the pps higher...bid $15.52.
Thanks. Hmmm....funny how it dipped and went up just prior to that news, eh? Anyway...I still would caution from what the news says...."The agreement, which could come as early as Thursday...." Still not sanctioned even if this came out via WSJ...just another "it's a'comin'..." I want to see a "BAC and DOJ have concluded their agreement.....etc., etc., etc..." I've had enough of the "...could come out as early as..." stuff.
But the market seems to think it's near. Bid $15.53 and getting nice support.
Well now...POW! Who let the dog out? (hmmm...there's a rap-type song in there somewhere? Heh!) Bid now $15.49 and surging.....maybe this is telegraphing that Godot is just over the horizon and a'comin'? ;-)
Master just used a small 200K share sell side yank to bring the bid here. Looks like he's trying to take Poochie back to yesterdays intraday downtrend line. A line that sits, right now at ~$15.35. I expect he'll do it, too, given the sell side tactical action is STILL dominating the intradayu...think I'll wander down around that line and wave a low-ball bid...
Meanwhile smoke 'em if you like 'em.....the equity continues to pace back and forth waiting on a public declaration of resolution achieved. Bid being walked back down just like yesterday. Now $15.42. Such action as is happening on this low volume day is either hitting the bid or the spread...very little is hitting the ask....it's basically stuck in churn mode with Master keeping just enough pressure on to mitigate any positive pressure....I don't see this changing until it does.....did I mention smoke 'em if you like 'em? Heh!