The Market's Pace Put Me Back In Place...

Plus, I set it and forgot it and now I'm in it to win it with BAC. I entered at $11.18 automatically, cinematically. The 6 million bid sizes are back on C as well, though the bears left most of us in tears. We had two important announcements today - the Fed Minutes and US GDP. US GDP pointed to modest growth and other than existing home sales data being slightly off today, all the other news announcements globally were better than expected as well. The market obviously didn't think so and decided to focus on the indecision shown by the Fed Minutes as well as ongoing Eurozone woes.



Fed Minutes? Isn't that a bit of a lagging indicator to sound like a broken record? How can the market sell off like this when German and French PMI simultaneously painted a rose-coloured picture? And how did our Yen Friends manage a rally like that today? I wouldn't know about this stuff, but my price levels have still been in play and that's all that really matters. CENX turned out to be the one that got away when it tried for $15 and failed recently after I abruptly ended our affair involving the chart. Now I've gotten back together with another ex-investment, BAC to see if we've still got some trading synergy going on.


What else matters?


Headlines like these contradicting the ongoing fears:


Total Loan Loss Reserves Drop To Lowest Levels Since 4Q 2007
Share Of Unprofitable Banks Drops To Lowest Levels Since 2Q 2008
Total Banking Industry Net Income Totals $14.5B In 3Q 2010
US Banking Industry Profits Jumped Again In 3Q 2010




A report card like this:



-2.03% on the SBA
-1.81% on the Roth IRA



...doesn't mean that my trading ego is too big to fail... especially when BAC seems to be forming an Andrews Pitchfork one-year downtrend that's ripe for a reversal. Could this be the double bottom I've been waiting for? This time, I'm setting my initial target at $15 and my secondary target at a break above the 52WH of $19.86 on BAC even if the timing seems to be a little off. But I've got two main price drivers in my favour: Santa and the BAC earnings announcement on 21 January 2011.



Head high, HSFTs!