... that it was Non-Farm Payday today! But I did benefit tremendously from the trend on trend price action. The US economy added 151,000 jobs, giving my portfolio some more impetus to move a little further north.
Crown Prince C gained another +3.7%, whilst BAC tried to jump towards $13, failing at $12.71. We had much higher volume than normal on both C and BAC, with volume on C closing above 1 billion. I noticed ask sizes were much larger than usual as well, with about $45 million transactions going on occasionally with C. So I did a quick options chains analysis and $4.50 is definitely a zone to watch on C, although I have to say that the amount of open interest above $5 isn't very compelling.
If we break above $5 and stay there, then it can only mean that people with massive amounts of moola are now supporting C. Therefore, I will now take any dip below $4 as a buying opportunity. The 3-year chart on C looks like an L, so when it takes off to the upside, the move will most likely be very fast. This is the part where if you have enough patience and hold onto C for dear life, you could probably see at least a high double digit gain in a very short amount of time. Oh, correct me if I'm wrong, Professors of Finance!
I'm also pondering how and when I should exit BAC. Options chains look much more intriguing on BAC as there is heavy open interest and volume on both the call and put sides. We may very well see $14 very soon. Yippee!
Today's report card was equally yippee:
+1.71% on the SBA
+1.77% on the Roth IRA
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