Thomás Ó Cléirigh
According to this commentary (Link below)we should expect a big drop in the market soon this is just an opinion but if this will come to pass we can expect to see all of the financial institutions (Banks) hit a wall and collapse back down to their lows. So I would now start to hedge my bets to the downside.
As a trader of BAC I have a long position but I have also a covered call in place but I am now looking for a good entry to place a put position .By the sounds of it I need to move now to get covered. The chart seems to confirm the resistance of $8.50 and I note the stock is struggling. A good entry would be 8.25- 8-35 All aboard for the ride !!