Who the hell is buying BAC???

Discussion in 'Stocks' started by azzzy, Jan 22, 2009.

  1. azzzy


    I'm new to this and mostly paper trading at the moment (or swing-trading relatively small amounts). So... I'm shorting BAC. It was going down just like I thought it would, especially after the lawsuit news. Almost hit my target (a $0.40 drop) but then all of a sudden it starts creeping up! I've seen financial stocks spike up $0.15 and then drop lower, so I didn't panic at first. But it's been slowly rising for the last hour! WTF? Who can possibly be buying this crap with the lawsuit looming and the general direction of the market???
  2. Shorts!
  3. m22au


    Although BAC is insolvent, and should be allowed to fail. This may not happen.

    So this means that although the stock should be worth zero, it is now just a $0 strike price call option on a government handout of free money.

    This is how ridiculous things have become.

  4. azzzy


    So should I keep it (the short position) and wait then?
  5. decide how much heat you're willing to take and place a stop
  6. azzzy


    If I place a trailing stop of $0.10 that means that if the stock goes to $5.50 and then $0.10 up it will take me out at $5.60. But if it goes to $5.50 then up a little (less than $0.10) and then down to say $5.45 if after that it goes up again it will take me out at $5.55, correct? (Sorry, I am very new to this - still learning).
  7. fhl


    The man who has made tax mistakes, but is innocent, and will be sec of the treasury, said yesterday that they have some kind of super secret plan to save the banks. Shorts scrambled to cover. Stay short unless you really believe there is a super secret plan to save the banks.
  8. tradersboredom

    tradersboredom Guest

    why do you bother papertrading

    you sound like a scared granny on pensions.

    get the f#ck out here.

    my first trade was a real trade and made money on it. never paper trade before my first trade no papertrading for me baby

  9. moneyworx


    BAC is well capitalized, if its cheap enough id go long
  10. harkm


    There is always an ego in the group.
    #10     Jan 22, 2009