Seems like it... and I've not only got a plan to take the Series 7 exam so no one ever rejects me for not having financial services experience again, but I've also got a plan to $10.50 people on BAC. Let's see if I can get a sponsor for doing the Series 7, but it sure would beat doing an internship, wouldn't it? Someone invited me in for an interview, but the job will be mainly commission-based. Even though it's a small step in the right direction, it's a big deal for me since it makes me feel like I'm not an abject failure and my top 10(?) business school background counts for something on Wall Street!
As for BAC, I'm out of that position for the time being. I'm not sure if it was the right approach, but I sold BAC today at $11.60 after getting in at $11.18 on 23 November. This is the one I tried to do the Crazy Price Strategy with yesterday. It looks like $11.87 is proving to be strong resistance. BAC has tried that level a few times and it's been proving to be a hurdle it can't surmount. Recall I got $10.99'ed on some unsubstantiated WikiLeaks rumours last week.
I wasn't really paying that much attention to the Pandora's Box that WikiLeaks might open up, but after speaking with my colleague The PermaBear yesterday, I started getting scared. And the more I thought about it, the fraidier I got. So, I did my options analysis and all looks clear on BAC. In fact, calls look promising, but the $11 level looks a bit like a See Ya Wouldn't Want To Be Ya Level on BAC. My question is: will the $9.99 infomercial level I was looking at earlier in the year be in play for BAC - or was that $10.99 telling enough in and of itself? In hindsight, it was clearly a fake-out.
I looked at Insider Activity and noticed Donald E. Powell, a Director, recently purchased 5,000 shares of BAC. $11 has been holding and an Insider purchased BAC at $11.30, so based on these two elements alone, BAC would seem like a straight buy especially since it's been in a downtrend almost the entire year. Yet I'm heavily into the financial sector already and I'd rather keep my moola out of harm's way with support feeling so weak. Yes, I'm going with my feelings here. If I get in at $10.50 again and it tests $11.87 as resistance, then that's a 13% gain - if I manage to get in. If it takes off now like CENX just did after I let it go, I'm going straight in the Confessional Booth.
For now, my 17-day sprint with BAC happened to be only a +3.75% gross profit on a very small position. It doesn't feel like the high beta that I need to succeed, but I'm trying to develop some trading discipline and this may seem like the insane way to go about it. I am gaining some valuable practice here, right, Professors?
+1.73% on the SBA
+2.04% on the Roth IRA
Notice how my Roth IRA is starting to slightly outperform my SBA whereas most of the year, it's been the other way around. Could this signify a pivot point in the market as well? Time will tell.
Red alert on C! I saw some 10 million ask sizes on C today, which at today's prices was about $46.3 million being sold. That certainly added to how jittery I was feeling even though my portfolio put in a good fight.
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