Bank of America Corporation (NYSE:BAC)

Strategy Session January 16th, 2019

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  • Forexpro: ...
    First, permit me to note that I hate to see base running errors, especially when an opposing pitcher has just been tagged for back to back hits. Just singles, but still, hold at second, Kinsler ...

    But I digress. RealMoney has someone who isn't ove ...
  • Mpower27: @Forexpro $JPM $C $BAC it wasn't that many more but 3 was enough.
  • jmat2413: @wijimmy @DAN $JPM Similar deal with $BAC / Merrill Lynch
  • Wykeman: $BAC. Like all financials...way way oversold. Take a shot on calls. Small action.
  • rachel: ...
    $BAC – rolling over.
    $CGC – Pot is dangerous. So are the pot stocks. There is NOTHING you can know about these stocks that is not already known. They were down the most in my watch list today.
    $TLRY – distribution
    $CRON – ...
  • CraigReynolds: Bank earnings. $BAC reported beats, ESP 66 vs .62 Revs 22.8B vs 22.699B Stock down pre-market along with the others it seems earning will not help but heaven help if they miss. Will banks be down a 5th day in a row? $MS and $GS earnings tomorrow.
  • grcjr: $BAC $GS $MS - $BAC reports earnings Monday before the open. $GS and $MS on Tuesday before the open.
  • grcjr: #Banks $WFC $JPM $C report tomorrow before the open. $BAC Monday before the open. $GS $MS Tuesday before the open.
  • phgruver: @tjv821 $PBR No, they just got upgrades from $JPM and $BAC. Price target is around $17.
  • champ: $DJI @ 26,627 --- $IBTX @ $67.66 ---- Nice close off of LOD and the DJI bounced 155 points. #Day-3 on this great move for many of entry.....and I will take profits off of any sector, it doesn't really matter to me, as long as I have positive entries. This move on the #Banking-sector... is and was a no-brainer, for now and could continue but I took profits on 1/2, on $BAC and $WFC. However, I'm still holding my full position in $IBTX, on this bank because of strong positive news...see my info post.
  • mopick: @champ $DJI $IBTX #Day-3 #Banking-sector, what banks are you referring to? It's not like $JPM or $C had much of a move. $BAC looks better but my $KRE has barely budged.
  • champ: @mopick $DJI $IBTX $JPM $C $BAC $KRE #Day-3 #Banking-sector --- $WFC and $BAC....but it depends on your entry size, on bounce trades. I enter with size and then scale out and I was trading $WFC and $BAC. However, on a couple 1,000 shares or more, pro ...
  • champ: @mopick $DJI $IBTX $JPM $C $BAC $KRE #Day-3 #Banking-sector --- From high to low $KRE, move about a $1.00, you have to remember 1,000's of traders are in this ETF, the volume was over 17M are in this ETF, with high volume traders, it would be OK, if this ETF only had investors but daily that is not the case, traders are in and out of this position daily, it is not about you, it is about all the traders that are in this EFT and they are all trying to take your $$$'s....every hour, all day long...#everyday. When we take new positions, we all need to #remember, that we are working against traders...and the ones that are in these type of ETF's, are mostly professional ...but not all....but they think they are.
  • champ: $DJI up only 56 points... but many bounce-trade-stocks held on to most of there gains off $WTW $LGIH $PVH $LULU $DLTH $GOOS $CXO $PXD $FANG $MAS $OC $BAC $SLCA $TTD $HFC $DK $PBF $NAT $KMI $TRHC $OSB $CPA, $XPO plus others ...on the close ...but after the close.... they spread out.
  • Forexpro: ...
    The WSJ, among other sites, notes that the Fed's vice chair for supervision (Randal Quarles) is believed to be preparing some relief from regulation and capital requirements for what might be characterized as "mid-giant" banks (think $PNC, ...
  • champ: $IBM @ $153 up 2.50% ---- They had there first upgrade this morning, take a look, buy with a target of $180, by $USB. This could be a positive reason to kick-start this stock. They are at 2-conferance today... and another one tomorrow...the #BAC-Merrill-Lynch conference. These are 4-new reasons why.... this stock should bounce...and this could be a #strong-short-term-buy, that could turn into a investment position. Know real way to know but the #news-flow is currently strong and could get even stronger, after these conference...expecting even more upgrades after tomorrow, after the $BAC conference tomorrow....3 - conferences back-to-back, is a nice set-up for a move higher...take a look.....could have #Stock-Timing.
  • Brian_M: Looks like the banks are starting to perk up a bit now. $C, $BAC, $JPM
  • Brian_M: $JPM and $BAC are getting some good movement today. $JPM may be getting ready to break out of a squeeze today.
  • Greendayguy: Financials $JPM, $C, $BAC. First good up day. Will these moves have legs?
  • baronp0329: @bRobert $TLRY $CGC $CRON Thanks Robert, appreciate the feedback. I definitely need to be more patient in my Trading account and letting the winners run a little longer. I also need to be cognizant of over-trading (one of my weaknesses). My retirement account and children's funds are another story where I hold long term and add or reallocate accordingly. Most of them initiated were 8-10 years ago such as $AAPL $MSFT $AMZN $UNH $OXY $PFE $BAC $KO. Appreciate all your posts.
  • champ: @bsafriet $avgo $AAPL $QCOM ----- On $AVGO @ $240, looks like the recent move was because of $BAC/Merrill and at Cowen, they raised their target to $255 from $245...both had new upgrades on 9/7, when the stock was at $216....looks like the main move, could be over....could have a little left... maybe a short term spec swing trade at this level, might work for another Day or 2 but only if the markets were to bounce....but I would move on, if I missed this last move....because Friday was entry.....however, the stock was strong again today and closed almost right at HOD....have to check the stock out, in the the morning, to see if it is actionable.
  • champ: $OLLI @ $81.50....#Retailer... stock idea ---- Really strong...running up the upper B-Band....could continue this run into earnings on 9/5/after.....$BAC upgraded this stock to a Buy on 8/20....take a look at their Website and see what you think.
  • Brian_M: Interesting that the 2yr/10yr spread is at an all time low and banks are rallying hard today. $C and $BAC. I will be watching for a reversal on these over the next couple days if spreads continue lower.
  • champ: $SPY @ 287.67 at a New ATH ---- Federal Reserve Chairman Jerome Powell's, #Upbeat comments about the economy pushed the $SPY up to a new ATH.....and he said raising rates to fast could "needlessly" undermine the economy growth. They are ev ...
  • champ: @Pcdentist @CraigReynolds $DJI $VXX $UVXY #Day-4----- #Market-Directions-look-negative, for me ---- It really doesn't look positive at all for the markets, when you see all the world markets down and most all of the U.S. sectors, are most all down a ...
  • rachel: ...
    $BAC – this is a familiar pattern.
    $XME – Stay away.
    $GLD – It’s a falling knife. Too late to short, too risky to buy. Are you now bottom pickers?
    $NUGT – Could be good for a quick trade...but when? Tomorrow? Wednesday ...
  • steve71: $BAC Banks are mostly outperforming and top performer BofA has been climbing all day. Volume, meh.
  • champ: @debeers $LPX $BAC $BCC #Lumber-Companies--- ---- No...but did I miss something important....$LPX....??
  • Hank1: $BAC ... love the way this is trading. Long with a stop if it closes below the 10-day emva. Target 33.
  • grcjr: @Hank1 $BAC - I've been long $BAC stock and options. I recently closed all options with nice profit. Looking at the daily I see a stock that to me appears to be in need of a pause. The lower BB has hooked, possibly indicating a period of consolidation. Let the 20/50/200 dma catch up a bit. I'd like to be able to place a new option position from a lower price and more headroom. If I'm wrong I can always buy it back. Cheers!
  • Hank1: @grcjr $BAC ... i like support at 30.80 and selling if it breaks. I'd be a buyer if it pulls back close to that level. Have a good weekend.
  • grcjr: @Hank1 $BAC Thanks. You also.
  • champ: #Lumber-Companies---$LPX..they report on 8/7....upgrade by $BAC the other day...$BCC...they report on 8/6 ..I will be holding both into earnings.
  • debeers: @champ $LPX $BAC $BCC #Lumber-Companies--- Did you listen to the last LPX call???
  • champ: $BAC ....I added this morning....looks like it wants to move up even higher..?
  • Wykeman: @champ $BAC 10 year hit 3%..
  • phgruver: @Wykeman $BAC ...That's probably why utilities are off a bit today. $XLU
  • grcjr: $BAC $AMZN $AAPL more - I'm seeing these and others moving up with some volume at 9:25 AM EDT in the premarket.
  • champ: $T @ $31.70 ----- This #Bounce-Trade is still working, I posted that this could be a back-up the truck trade on Friday.......more #News this morning upgrade from $BAC...#Buy and 5 - AT&T....Directors and insiders purchase positions on Friday 7/27....if you missed Friday...this could be #ENTRY
  • champ: $BAC ---- Still working off the 7/6...low turn and I'm still holding
  • Dan1946: $BAC > what does the group think of this stock for a longer term hold?
  • grcjr: @Dan1946 $BAC - I've had stock in a long term account for a long time. 1.9% yield is not much but helps. I am also currently trading it with options. I am longer with $JPM stock. Also trading it with options.
  • phgruver: @Dan1946 $BAC I've been in $BAC since the dust settled back in 2009. I've added several times, and now have a sizable position with a cost basis below $15. I have traded around the position a little, but mostly it's a hold. Why? Simple. The economy isn't going to become healthy again until the banks are healthy, and when banks are healthy, they generate big returns and pay generous dividends. We haven't seen that yet, but it's coming. Also consider, I've more than doubled my money. If you consider the dividend based on my cost basis, I'm getting a 4% return on my investment. Could I do better? Probably, but I could do a lot worse as well. I plan on holding a core position in $BAC indefinitely.
  • Dan1946: @grcjr $BAC $JPM Thank you!
  • Hank1: $SPXL $SPXS ... Selling my $SPXL and buying some $SPXS. i don't like how the market is trading today and want to protect what i made this month - which has been a good one. Also selling down my longs in $BAC, $SQ, $NVDA, $DFEN, $LABU and $CURE. I'm looking forward to August and asking myself - what's going to keep the market up? i don't know. 78% cash in my trading account.
  • mopick: @Hank1 $SPXL $SPXS $BAC $SQ $NVDA $DFEN $LABU $CURE, my sentiments as well! After earnings the focus will turn to more macro events plus the upcoming election. Neither one of these looks especially appealing. Unless Trump's bluster is part of his overall tariff strategy the market imho will start to really pay attention. Although the flipside could be made that Trump would not dare push tariffs too far in order not to upset the apple cart in advance of November. Either way, I plan to get much more defensive.
  • Robert1965: @champ $BAC have you added lately
  • champ: @Robert1965 --- $BAC ....I already have a nice size..... not yet but I'm watching....all the names are strong.
  • Gary: ...
    5. $BAC – Stop at $29.45.
    6. $JPM – as with the others...a stop of about 5%.
    7. $DOCU – Solid support at $52. Actionable? Could buy this now, with a stop below $52. Alert $56.
    8. $AVGO – Starting to fill the gap. Pati ...
  • Gary: ...
    3. $COST – drifting higher. Trending…not consolidating. Buy this on any pullback, with a trailing stop below the 20-day MA.
    4. $URBN – still in consolidation. Need to be patient. It’s a potential breakout, not an “ ...
  • champ: $MS ...I have a Spec-swing and I'm still holding but I have not added....just watching ....also still holding $BAC and $JPM....$FAS is also moving up....along with $KRE....for now....all look strong, for now. Looks to me like financials, could be holding the markets up...but there is know real-way.... to know that..
  • champ: $BAC @ $30....testing key resistance at $30....RHRN....I added...long term...but I'm trailing.
  • Kasey: @DAN, I'm just wondering what you think of $BAC and the banks... Do you think it should only be a quick daytrade? Or are the banks turning around now for a longer hold?
  • DAN: @Kasey $BAC Hi Kasey. Thanks for the question. If you have a lot of patience, you could buy the banks here. They're putting in a base now, but still quite a bit early for any kind of an uptrend. What's happening, in my opinion, is that traders ar ...
  • champ: $BAC ---- Nice Day-trade, so far and could also be a swing-trade..? I sold my swing trade on $JPM, this morning, for a nice profit....and I will be swinging 1/2 of $BAC, on the close, if I don't take profits, on all before....have to see how the markets $BAC had the largest beat on earnings since 3Q16.....just a great earnings report...take a look....need to see if investors have market timing today, for a far the markets are flat but if it turns higher because of news this morning ...$BAC, could follow and bounce even more.....investors are watching the markets and we all know why.
  • Wykeman: i own $BAC bank stocks rallied hard today. could be several day move.
  • Gary: ...
    $BAC – high volume gap and run through 50- and 200-day MA. What’s your timeframe?
    $JPM – support at $105.
    $WFC – bottom was in April. Investing, or trading?
    $SPX – You should be on defense.
    $DJI – status quo
    $D ...
  • Forexpro: @GOOSE #Expected Hey, Goose, Hope you're enjoying the weekend. Yeah, looking at the at the money straddle for the nearest expiry is a quick and dirty way of calculating the expected move to that date and you're correct, the width of the strikes doesn't matter for purposes of the exercise. $BAC reports Monday; ToS, which does more involved math, shows a "Market Makers Move" of 0.53. $BAC has strikes for Friday's expiry that are only 0.50 apart; adding the 28.5 put and call as of yesterday's close gives an answer of 0.75. $CE reports on Friday. ToS shows a Market Makers Move of 4.16; the 110 calls and puts for Friday expiry come to 4.65. So, a ballpark figure, but not necessarily machine-tooled precision. Take care, and all the best!
  • DrScience: $BAC Somebody has a little less confidence in bank earnings upside. Collared a stock position 12000 times, selling the AUG 29 Calls to finance buying AUG 29 Puts.
  • grcjr: @grcjr $ROKU - and gave it up. Feels like a don't trust it market. Many of my "gains" for the open are gone, except for $AAPL, $AMZN, $NFLX, $GOOGL, $BAC, and $JPM
  • Wykeman: $BAC $ETFC financials and brokers are officially toast! If tech rolls us all. Cash is king.
  • phgruver: I love days like this! Dividends showed up in my accounts from $ARCC, $NEWT, $BAC and $MMT. Nice payday!
  • jan2138: @phgruver $ARCC $NEWT $BAC $MMT Lots more to come today and in the next couple of days=:+))
  • phgruver: @Forexpro $WFC $FAS $BAC is also up, about 1.5%, but is trading near the bottom of it's trading channel. Not a bad place to add to a LT position, if you want some exposure to banks....
  • champ: @Nepenthe $WFC $FAS --- I understand and we are all in the same boat, this market is extremely hard. Watch these stocks for direction...$C $BAC $GS $WFC and $JPM Good Luck!
  • Forexpro: @phgruver $WFC $FAS $BAC

    Thanks, Phgruver,

    I keep an eye on the sector, but I'm not really looking to add at this point (my long term account has a reasonable position in $MS, which hasn't been knocking the cover off, of late). I do think that giv ...
  • Kristine: $BAC - Did it break the head & shoulder pattern or was the left shoulder too sloppy to be a true head & shoulder?
  • phgruver: @Kristine $BAC I don't think you could call it a head'n'shoulders top, mostly because it isn't a top. It's more of a descending triangle (continuation pattern) that broke to the downside, and it is now below the 200DMA. This would suggest that it could decline about $4 more before bottoming out. Time will tell.
  • BobbyG: $JPM $BAC bouncing off the 200 DMA. NP
  • Gary: ...
    $BAC – 200-day MA support.
    $XLY – hitting all time high.
    $XLP – bottoming.
    $XLV – getting bids
    $HUM -- $300 resistance.
    $UNH – breaking out at $250
    VIDEO TWO: Growth Stocks
    1. $TRHC – still going strong. He ...
  • Mickey: Mickey $bac going up......
  • baronp0329: 2 consecutive great trading weeks! Had good profits day-trading and swing trading. Thanks @Dan, @Bridget, and all the SMM and OMM Members for their posts. Stocks and ETFs: $OKTA, $HEAR, $CRC, $INTC, $GLNG, $CRC, $TWTR, $BYD, $P, $IWM, $FAS, $QQQ, $SPY Long/Short on Options: $TWTR, $GOOG, $AMZN, $BIDU, $NVDA, $DVMT, $NWL, $CPB, $BAC, $XLF, $KRE,$ IWM, $SPY, $QQQ, $IYT, Wishing y'all a safe and fun weekend.
  • Greendayguy: @baronp0329 $OKTA $HEAR $CRC $INTC $GLNG $TWTR $BYD $P $IWM $FAS $QQQ $SPY $GOOG $AMZN $BIDU $NVDA $DVMT $NWL $CPB $BAC $XLF $KRE $IYT You too, have a great weekend. I'm watching or own a lot of the same stocks that you reported on. Thanks for a good report!!!
  • etmagic: thoughts on $BAC?
  • champ: @etmagic $BAC--- Until we see what interest rates are going to do, the sector is dropping ...I sold $BAC and $WFC last week.
  • debeers: @champ $BAC $FAS $MU $WDC #Spec-Trading-Positions #Senate -adding to WDC at 85 and 82ish. NOT doing FAS--not now not ever. Just so you know, the custody banks will far outperform BAC.
  • champ: @debeers $BAC $FAS $MU $WDC #Spec-Trading-Positions #Senate --- On #Banks.... I'm seeing that this morning....this market turn is taking all the banks down this morning.
  • geotheo: @debeers $BAC $FAS $MU $WDC #Spec-Trading-Positions #Senate Since I had to look it up I thought I'd post:

    John Krowas, Investment management data wrangler, Caltech '93

    An interesting way of comparing regular banks and custody banks is thinking abo ...
  • DavidM: @geotheo $BAC $FAS $MU $WDC #Spec-Trading-Positions #Senate Interesting info. Thanks.
  • Forexpro: @geotheo $BAC $FAS $MU $WDC #Spec-Trading-Positions #Senate Thanks, Geotheo, One item of note is that as with most legacy banking product, sec lending has become far less profitable for the custodial banks than was the case back in the good ol' days. Once upon a time, the fee split was typically 80/20 in favor of the banks; now, the best the banks get in almost all cases is 50/50. As my last boss mournfully remarked on a daily basis when thinking about FX "This used to be such a great business." Yeah. Hope you're doing well; all the best!
  • champ: $WFC @ $55...still climbing off of the recent low... that was in May...big Conference on Thursday 5/24...I'm expecting this slow move to continue....first target is $60....earnings not until 7/13....could break thru that $60 level and run into earnings...$BAC is also moving-up...ER will be on 7/16....banks should report strong numbers.
  • baronp0329: $BAC $XLF $FAS Financials looks good for further upside... "The U.S. House of Representatives is expected to vote today on a bill — which the Senate has already approved — that will loosen restrictions that were put in place in the wake of the Financial Crisis. The loosening of these restrictions will allow banks to make more money via prop trading, boosting earnings-per-share (EPS). " As of yesterday in trading account: Long BAC Jun 30 Calls Long XLF Jun 28 Calls Long FAS Long term account: Long BAC, $GS and $KRE
  • DAN: @baronp0329 $BAC $XLF $FAS $GS $KRE YEs, I think the bank stocks are going to move higher. There is an underlying bid on them all...and I like that. I see several members here chatting about the banks. Great job everyone. Many eyeballs see a lot of things. Of course, they all suck up a lot of Visine too. ;-)
  • champ: @baronp0329 $BAC $XLF $FAS $GS $KRE ---- I agree and I'm also in positions...$BAC $WFC and a small position with $FAS...but and I might add..
  • champ: $XLF ---- $BAC $WFC $FAS ---- The House will vote on the #Dodd-Frank-roll-backs on #Financial-Reform-Legislation later this afternoon or tonight....this bill has already passed the #Senate. This will be really positive for the #Banks, is why they were all up should pass. The WH, continues to work on many fronts, all at once to help the economy...all is positive for the Markets and could also help out the energy sector, many banking loans are in that sector. I'm holding these swing positions.
  • champ: $BAC and $FAS ---- I added to these positions in the AH's because I'm looking for a bounce in the #Spec-Trading-Positions. I took profits today, on my Oil ETF's and also on $MU and $WDC. Just moving some of these dollars, back-into the banking sector....putting these dollars back to work...because the news is... this Bill should pass, as expected because entries could be higher on the open, is my guess. For me, it is better now than later, if it passes....adding risk back into the markets...because the #Senate has already pass this Bill.
  • champ: @spmeyers $KRE #Breaking-News ---- I agree some are small but $KRE bounced $0.46 off of the closing price...already and will be even higher before the open and if you sell a 1000 shares RHRN, you will have a profit of around $450. Cocktail hour is go ...
  • Forexpro: Re: Yield Curve Good Morning, Friends, While not at "good" levels, the yield curve is steepening at the moment rather than flattening. This is a shorthand view - "2s-10s" - that is widely used as a proxy for curve movements. A wider differential is considered a positive backdrop for the banks. Some changes to the Volcker Rule are set to be made in coming days; rumor has it that the alterations will provide somewhat more flexibility to market-making banks, which should be positive for $GS and $JPM in particular, and helpful to a somewhat lesser degree for $BAC, $C and $MS. Best of luck today!
  • indigo1948: @Forexpro $WFC - Good morning - what is your sentiment as to stock movement for it? I see it at the 50 DMA on the daily and approaching the 200 DMA on the weekly. it appears to have been in a narrow channel since February to April downdraft but I have to believe this issue will only gain traction with continued overall market strength. $BAC is also sitting at the 50 DMA on the daily chart - could be interesting short term plays. All the best.
  • Forexpro: @indigo1948 $WFC $BAC

    Hey, Indigo1948,

    At the moment, the stock isn't highly correlated with either the $SPX (minus 0.26 for the rolling 20 period average) or the large-cap bank ETF, $VFH (0.45, ditto) which makes it tougher. The stock looks to me ...
  • baronp0329: @grcjr @traderben $ATVI $EA $TTWO I have ATVI stocks and June 70 calls bought 2 days ago. Also, keep an eye on financials. I added to my financials (stocks and options) at the open today $BAC $JPM $GS. They all look good today.
  • Wykeman: #financials breaking out..$BAC $RF $FAS own these, started $GS earlier today
  • phgruver: ...
    On top of the capital gains, I also book a nice steady flow of dividends. For example, I bought $AEP when utilities were out of favor in 2011. My average cost is $38.40, so I've got a pretty good unrealized capital gain (81%) the annual dividend o ...
  • JustJoe: Yesterday during the high I sold most of my LONGS: $ Newt, $NRZ, Sold all my TRADES: $TRHC, $WING. Today I played Dan's Day-Trade strategy today and made 1% $OLLI. Hitting singles and doubles is growing my account. THANK YOU DAN AND ALL THE ACTIVE POSTERS IN SMM. Only holding quarter positions in $BAC and $RTN. Mentally I need to occasionally get off the playing field now and then.
  • issues: Stopped out of $BAC & $MDT bought/added to $SHOP $W $GDI $BZUN & $LGIH. Charts tell the story. Of course stops were carefully placed on new additions.
  • rck89: @Forexpro $AAPL $SPY $WFC $JPM $BAC $VFH #FOMC Morning Forexpro - Thank you very much for your exceptional analysis on the prospects for $WFC. I read your analys a couple of times over the weekend and I now really understand that $WFC's outlook is going to be toxic for the foreseeable future. I'm sure Warren is probably buying on this weakness, but I'm out of this dog on its next uptick. Thanks again - really helpful comments!!!!
  • Forexpro: @rck89 $AAPL $SPY $WFC $JPM $BAC $VFH #FOMC Sorry, Rck89, If the sector does well, $WFC will also go up, and might even outperform for a brief spell, given how beaten down it is. It is now fighting in very competitive markets with a hand tied behind its back, and with a bullseye painted prominently on its backside. I obviously agree with the notion of dismounting gracefully. Best of luck with it!
  • Forexpro: ...
    Are there any business segments in which Wells has a leading presence, and few competitors? I can't think of any. Is there any reason for a retail bank customer, a small business owner, or a corporate CFO to do business with $WFC when there are bank ...
  • steve71: $WFC $BAC $JPM $MS $GS Wells is outperforming the other bigs. Up 5% since being fined ONLY $1B last week. This is likely the last big government action against Wells and removes an overhang. $WFC is cheaper than the other majors on most metrics. Opened a LTH position on Friday and will add to a close above 53.50
  • champ: @steve71 $WFC $BAC $JPM $MS $GS ---- I have a nice size swing position in $WFC...near the low.....I posted that this could be a #Spec-Bounce-Swing-Trade on 4/19.
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Stock Price $USD 28.92
Change -0.58%
Volume 79,279,400

Bank of America Corporation is a bank holding and a financial holding company. Through its subsidiaries, the Company provides banking and non-banking financial services and products throughout the United States and in selected international markets.

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  • April 16th, 2019 - 2019 Q1 Earnings
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