BAC - Bank of America - Page 6

PM, long time no see buddy. Hope all is well. Got in some Aug calls this morning and up a nice 110%

-Spec

Nice to see you too man, nice job

Up to $33.10 in PMT

Flying high I took a position yesterday at 29

Thanks. Got into them at .12 and sold them at .74 and .54 today.

Then flipped into puts as it looks a bit toppy to me and some of my hedge fund buddies were going bearish. Could just be a day trade while it fills the gap. Not sure yet.

Best,

Spec

hi guys, im a newb here at stock market and currently im trying to learn how to do technical analysis on graphs and my eye is set on BAC at the moment. so if anyone whos good at it, would you mind sharing with me what you think of it? im currently looking at the 3month graph and from what i have learned it seems the graph has been steadily climbing from and its going to past the $34 resistance point made last week. at the same time it looks like the 5dma is slowly plateauing while the 20dma is rising and im guessing the 20dma is going to be above the 5dma soon, and when that happens the value is going to hit a resistance and start declining. in addition, would it be right to call 27-28$ the current support level? any insight will be much appreciated. this is only my 1st week in learning about stocks and the market, im trying to learn as much as possible before i start the actual thing.

thanks

I'll likely get flamed by the TA crowd but I don't think TA will now or would have done you a wit of good here in BAC. This stock has and will be driven by events on the ground, housing bills, interest rates, loan losses, dividend yield etc.

thanks for the reply. so does this mean that TA cannot be used all the time? If so then when should you use or not use it?

IMO its allways a great place to start but when it comes to the banks mortage companys you really have to take into consideration current events whats happing around you. Any of the bank stocks are hot right now imo. I have been in and out of fannie/freddy for a week now buying only 100 shares each time and making 80-300 dollars each time. I also have done good w /merc,bac wm,wb and ing they all have had great volume theese past several weeks and have been giving up about 2 bucks between the lows and highs I know its not a huge amount of money but I'll take a hundred for an hour in front of the computer any ol day

im still in the process of learning so how does one keep up with current events of bank? such as, how do you know when to buy/sell depending on the situations that the bank is going through (ie mortgage, loan loss, etc) and where is a good place to find news about those? thanks for the help

a hundred in an hour in front of comp sounds sweeet! is that what you would call short term trading?

The market is very volatile currently. With housing and financial new coming out daily the market can swing drastically. TA is a great place to start and usually works pretty consistently, but the current market situation has everyone flying by the seat of their pants.

Nice entry

That's the 64 million dollar question. Even these banks and brokers don't have a great idea of what they are worth. To much dust in the air with home prices in the dirt. That is why they are so squirley. Up 10% one day down 15% the next. No one can value them. Cripe, I'm just buying the ones that I think will be standing in the end for a long term investment. It is why I am attracted to BAC. They have been stubborn about not cutting dividend. If that holds man what a great long term hold. Now that they have the ability to write down the really toxic stuff 20% and had it off to the feds they are golden.

I see, so with the current situation, TA on BAC wouldnt be too accurate?

By the way were do people usually go for news on current events relating to the company whose share you are holding?

Nice call Penny, even if you weren't entirely serious. BAC was one of the best performing financials this week with a gain of over $3 and change.

Thanks drillin, I really have been happy with BAC ever since the merger, it has really shown some impressive growth

GL

Heading for $34, hod $33.91

BAC failing to hold the lows, hitting fresh lows along with other financials. Citigroups news about buying back debt securities got things rolling.

has been riding the top of its descending trend line....I would take profits and wait for confirmation of a trend reversal

Sold my C and ABK then Bought BAC and bought back in to ABK @ .60 cheaper a share for a little profit. What do you guys think? Penny what do you think of ABK and CNB? Not to change topic, but curious?