They beat by $0.05 but it won’t be enough…..Waiting on the Bank of America (BAC) CC at 8:30am ET, but as I said before, this one will be pinned at 13 thanks to the options boys…have a nice day!

Disclaimer: I am LONG Bank of America (BAC) stock as of the posting date of this article. This post is merely to present an idea and not to try to persuade you to buy/sell any security within. Please do your own Due Diligence BEFORE making any trades.

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Simply amazing, maybe he saw what I saw in an excellent quarterly report from JPM today before he reached for his toalla blanca. Anyway, I strongly feel that Bank of America (BAC) will do OK tomorrow although it may be pinned to 13 based on the gargantuan options pressure. Only a barn burner-esque earnings report will free it from those shackles.

Disclaimer: I am LONG Bank of America (BAC) stock as of the posting date of this article. This post is merely to present an idea and not to try to persuade you to buy/sell any security within. Please do your own Due Diligence BEFORE making any trades.

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The pink sheet wonder boy GMGMQ.PK aka “the old GM” was put out of its misery last friday by FINRA who offered up this statement of why they halted trading..

 “Trading is halted because FINRA has determined that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC Equity Security or has caused or has the potential to cause major disruption to the marketplace and/or significant uncertainty in the settlement and clearance process.”

Who knows, it may be back in some shape or form, but the one thing remains the same…holders have no claim to any part of the “New” GM….so whats the point? beats me why anyone even traded this thing prior to halt except to realize losses.


UPDATE:

Its BACK under the newly minted ticker MTLQQ.PK!

No Positions in the above

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Wow, market can’t seem to get it’s foot out of its mouth….Just deflative action going on so far this week. I think I will go relax and wait this week out till earnings starts to dictate some pace. Hang in there!

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Despite the carnage on the street today, Wells Fargo (WFC) performed relatively well and closed green. This to me is indication that this thing is ready to march upwards towards earnings. I’m not the guy to jump up and say we are in a full blown recovery or even a recovery for that matter, but the downhill slide has abated.

Wells Fargo had a decent quarter last earnings and I believe we may get another one this month…Stay Tuned! 28 - 30 here we come.

Disclaimer: I am LONG Wells Fargo (WFC) stock as of the posting date of this article. This post is merely to present an idea and not to try to persuade you to buy/sell any security within. Please do your own Due Diligence BEFORE making any trades.

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