BANK OF AMERICA REACQUAINTING WITH AN OLD FRIEND
Now that I am in the process of building back up again it is time to re-start my quest against one of the dark overlords B of A. I have labeled via a rectangle what I deem to be a momentum rollover that is taking place in this stock and have labeled the sell zone I am aiming for. Since almost all stocks are basically the same as the indexes with a few exceptions like Apple etc, we are getting a little bit of a bounce in this stock along with the Bernanke's right now. I view this as a little weaker than the Bernanke 500. I have recently had another unpleasant dealing with these people so now it is time to go after them on the short side again.
I was never really able to mount my initial attack on them because of PFG and I had to use the money I had set aside to attack them to survive. I was very fortunate to have set that money aside and not had it exposed to the thieves of the world otherwise known as FCM's. It enabled me to be able to still pay my mortgage and bills while the money has been frozen, and also open some new trading accounts to start trading again. However, I was reminded once again of why I hate them in a recent exchange so time to go on the attack once again. I do think this is a pretty good setup, so it is time to get to work.
My short term momentum indicators are going up in the Bernanke's so I am looking for a bounce for another day or two hopefully setting up a short entry there.
I have spent the last few days copying and pasting the blog entries from my old blog to the new website and formatting and changing image sizes etc which has been a pain in the ...... What it means is I am close to game time. Once I launch it I want to do a webinar for existing clients just as a get started type of thing so I will send out a notice for that once I am ready. I hope I don't botch the technology the first time so cut me a little slack.
I think the Bond market is looking interesting right here.
We have momentum going up sharply here and a rising wedge pattern which can break either way. I am leaning toward an upside breakout because I am looking for stock sells and also the momentum is going up strongly here. However, some of my other tools show if we were to break down they roll over. I guess the net of this is a breakout in either direction can be played. I guess I can't come back and say I told you so on this one, but I just wanted to point this out. If we do happen to break out to the upside on this, I think it could really go.
The next few days could be interesting.
For those who got my video I sent out I think the consensus is that the audio level was fine? I had a few people tell me it was too low then come back and tell me the settings on their computer were off and it was fine. The volume sounded fine on my end when I previewed it.