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I know I said I'd wait, but I see it hitting $8.50 - $9 then plummeting downwards again... Buffet only has so much sway...
So I sold out at $8.47 . If it hits less than $6, I may consider buying again... however, I may not. This stock may have too much risk for me to stomach.
I think this will trade lower especially tomorrow with some profit taking and Ben's speech and in the short/mid term, although I don't think it's going < $6. It still has countrywide with unknown liabilities and general negative sentiment due to the banking industry.
Disclosure: I've been in an out of BAC for the past 2 years
Edit: Less than $6
Last edited by Honestmike; 08-25-2011 at 08:05 AM..
I think this will trade lower especially tomorrow with some profit taking and Ben's speech and in the short/mid term, although I don't think it's going < $5. It still has countrywide with unknown liabilities and general negative sentiment due to the banking industry.
Disclosure: I've been in an out of BAC for the past 2 years
Yeah it appears it will hang around in the $6 range for a while I believe
Too much buying if it hits less than $6 in my opinion-- will keep it from going much lower
A highly regarded analyst (CNBC) just now issued a buy rating and a $16 target. So, the downside may be limited.
You could sell the heck out of $5 (or $6) puts, if you would like to own it at that price. If it does not fall that far, you keep the sales proceeds from the puts = profit with no investment, other than the risk it goes way under $5.00 after you buy it. And you'd need the cash ready in case of assignment.
Howard, howard, howard, howard......
My calls jumped nearly 50 cents and I'm going to release them today. 30 contracts and 1500$ in profit.
Sweet..... thank you Buffet. I need this. I fricking needed this.
F*** me. I thought about buying 100 contracts.... I could have bought August 2012 options. Geez. Anyway, I'll pick up any trinket I can at this moment.
I would add to the position. If it was good in your opinion than it is even better investment now since IMO not much changed for BAC . After acquisition of Countrywide not much changed in this subject and it seem to be main issue of worries ever since. And if it goes up to target you will be able to exit at net "about0" much easier if nothing changes
No, this is a brief God-given rally for some troubled investors. They should make a sell-off and wait for another pull-back.
Buffet cannot provide the 200 billion dollars which BAC needs.
I'm playing with the idea of buying Jan 12 7.5 & 13 10 puts now, after the amazing jump on 7.5 calls LOL.
Jan 12 7.5 puts are extremely attractive. They don't even have to be in the money. Negative sentiment in the middle of November might give me some profit.
Historically JP Morgan is the puppet master of U.S. consumer wealth destruction.
Look to Countrywide becoming nationalized, and JP manipulating the overseers to force BofA to take $1. to $ 1.50 per share of BAC.
Sometime this fall.....
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