BAC and C are plummeting under fear of nationalization- hmmmm, how did I end my last post?
My BAC short went brilliant, I covered at 4.28 from 4.73 up $485
I got ready for how stocks normal react from morning sell offs by going long on C since the pp/share was lower and I could double my position size. C did not bounce from the sell off. It continued downward. I was mad at my exit point. I lost ($380). I'm up from yesterday, but seeing my account break 6K only to fall below it again was thoroughly disappointing.
I am, however, not mad about exiting BAC where I did, its currently at 3.20 meaning i could have had $1500 in paper profit had I held, but profit taking seemed completely reasonable way back in the 4.20's and I would not have anticipated this meltdown that has occurred.
Today I could easily trade w/ my remaining day trade, but I will restrain myself since this weekend will be big for BAC,C and the government. Right now they are both sideways anyway. It is difficult to see where things are going from here. My hunch is continued downward, but Im not sure enough to bet on things... yet.
