bac has rallied about 12 pts from the low a week ago or so.IT bottomed at 33 and has shot straight up to 45...The 200 day ma is 46.63....WM is up nearly 100% from its lows!!!What a piece of junk that is. Any thoughts on shorting these pigs?I shorted bac friday ah at 45 20.
BAC....i was thinking exactly the same thing....i was long from about 40 to 45 (on this last move) - Friday i liquidated via selling some Feb calls (basicaclly liquidating/hedging my position at $45)....i'm also thinking 46 will be heavy resistance and we may retrace to about $40-41 (at the minimum)....then the ex-divy date is March 3rd so we may get a small rally into that divy date.
wm is an absolute POS....how can it rally 100% in 1 week?this is all momentum crap and there will be huge air pockets to the downside....whatever...its just wacky...I dont think ive ever seen banks rally 30-100% in a weeks time....i guess the financial mess is over and done with right?O i forgot cramer is bullish now!
Would selling calls on a long stock position be considered the same as 'liquidating the position'? I would have thought that the resulting position is essentially a covered call, which is by no means a delta neutral position. Please do correct me if I'm wrong.
long underlying + short call = short put I'm not trying to get 'delta nuetral' actually....i actually just want to hold the stock into the ex-divy date...but at the same time i think we'll get a pullback so i'm essentially getting short with the call (i did that (rather than buying a put)) because i want theta to work for me, and there are only 2 weeks till expiration.
WM has had some great action. I had a long on it that ran further than I thought. Tried to get cute and short around $17 and change and bailed on it. MF's ran to $21 the other day. I know, $11-$21!. These guys aren't out of the woods yet IMHO. Wait till Cuomo slams them down again and a new shoe drops. I know nay sayers want to say the bottom is in and its all blue skys ahead. All bad news is already out, blah, blah...guess time will tell.
Be careful with WM. Shorted it many times the last 2 weeks and my butt hurts so bad. I finally want to go long on it to ride the momentum train, so that is probably the indicator to short it.
ya,i wont short wm since its still 25pts shy of hi but bac,wfc are ideal- i think...and cramer just said to load up after a nice run up....seriously i wonder how that guy walks around knowing the amount of people he's screwed with his absurd advice.im surprised hes not in the witness protection/relocation program.
Shorting the Pigs? These are the nasty a-holes who took down the market in the face place. I hope your shorts get burned, market is in a rally mode and financials are leading the way..Once it gets above 200 moving average its all over for your shorting ass.
"These are the nasty a-holes who took down the market in the face place. I hope your shorts get burned, market is in a rally mode and financials are leading the way..Once it gets above 200 moving average its all over for your shorting ass." Somebody sounds bitter...had a bad month? have you ever traded a single share of an equity or an option or future contract?Ever??please post your trades...otherwise, STFU. btw,if you think shorts took down the banking sector you are are a know-nothing punk.Tell your boyfriend to take his dick out of your ass cuz its hurting your brain.FU.