1:30pm (EST)
Bank of America (BAC, $11.23, down $0.55) is down double-nickels, or 5%, and has fallen below our Hard Stop of $11.25. We were in below $10 and this was our fifth profitable trade in BAC over the past year and the return was 14%.
We were hoping shares would make a push past $12 on earnings where we were going to start writing covered calls but today’s pullback could allow us to buy back shares at cheaper prices down the road.
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