"BAC"k and Forth in Bank of AmericaAgainst a backdrop of the broader stock indices that don't seem to want to spend ANY time, at ANY level (w/ the possible exception of the Russell 2000), today we forayed BACk into Bank of America using a dynamic support level that printed at 25.5. When breakouts or fades get tricky, we like to fall BACk (okay, stop me) to names that are staying inside a well defined channel.
We have additional confluence, or strength of signal (SOS), at the 233 EMA (T-Line) on the 1H timeframe.
Expressed trade as Oct 25/28 Bull Call for $1.15db A $1.15 debit sounds familiar - maybe check out our SPY Put idea while you're here. See Related Idea.
Risk is the usual 50%-ish of premium paid.
