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New Short Plays

Bank of America - BAC - cls: 29.30 change: -1.40 stop: 31.55

Company Description:
Bank of America (NYSE: BAC) is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial products and services. (source: company press release or website)

Why We Like It:
The banking stocks are rolling over again and after July's huge rally short-term investors are taking profits. Friday's failed rally near $31.50 and today's close under $30.00 looks like a new entry point for traders to short BAC. There is potential support near the late July lows around $27.75 and the 50-dma near $28.00 so don't be surprised to see a bounce but look for the rebounds to fail under a new trend of lower highs. Our target is $25.25. We're going to set a secondary target of $22.50 but strongly suggest readers take some money off the table at our first target.

Picked on August 18 at $29.30
Change since picked: + 0.00
Earnings Date 10/16/08 (unconfirmed)
Average Daily Volume: 90.8 million
 

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