Circa

Bank of America Trade Update

Short
BATS:BAC   Bank of America Corporation
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1
I keep my technical analysis simple for the most part. Check out my articles on Seeking Alpha for fundamental and technical analysis! You can follow me on Twitter @CircaAlpha and on Stocktwits @Circa! Click on the charts for a larger view:

Bank of America ( BAC )
Yesterday I entered into a short position at $11.51 because shares traded below the 10 day and 20 moving averages and I believed we were in the process of setting a lower high. Today shares were down 0.96% and closed the day at $11.38. I placed my initial target at $11.00 because shares bottomed at this level on January 18th. I now am watching for a break below $11.00 to signal a fill of the December 17th gap to $10.65. I am keeping my stop loss at $11.75 which would invalidate my thesis. However, if shares trade down to trend line support I would be inclined to start a long position. You can view my post from yesterday below.


http://www.circafx.com/2013/01/bank-of-a...

Comments

Bot Puts Today. Nice. Watching the $XLF too of course. Thank you!
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I thought your username looked familiar to one of my followers on seeking alpha. You should try writing articles for SA as you have 60 followers after only one instablog post which is quite impressive.
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I shorted yesterday, I might switch to a trailing stop tomorrow
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That might be a good idea. Still think the S&P has one more leg before a correction.

I want those March BAC puts a bit cheaper
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So is everyone shorting BAC?
Probably get a backtest before the plunge.
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