The 7.50 area provided some support for Bank of America (BAC) yesterday. As the stock continues to fall, I am beginning to wonder where today's support level will be.
S&P just reaffirmed BAC's credit rating, with a negative outlook. The stock jumped for a few seconds, but now has fallen back to pre-announcement levels, a few pennies above 7.50.
I wouldn't pay much attention to that is happening today on low volume and more importantly option expiration. Few quant programs are flushing out the week hands of put sellers. We have seen this drama before. Last half hour would be interesting to watch.
I would say the volume of the last day and a half signals capitulation on BAC. Looks like 7 is the new level. Like he previous poster, I expect the last half hour to be positive.
7.00 looks like the new floor in BAC -- at least for now.
I'm watching BAC more from a risk/market sentiment perspective (keep an eye on that canary), rather than to play a bounce on the long side. As banks go, I like USB more than the others. I wonder how long WFC can continue to slide by relatively unscathed. We shall see.
Lately almost all of my financial trades have been using ETFs rather than individual stocks.
Bill, you said yesterday that you've got the VIX:VXV ratio at just over 1.0. I'm showing the VIX at 48.82 and the VXV at 14.51. That gives 3.36, nowhere near 1.006.
Are you not using Price over Price or are you using the natural log of day over day delta of VIX divided by the same for VXV?
This is probably far more confusing to me than it should be.
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S&P just reaffirmed BAC's credit rating, with a negative outlook. The stock jumped for a few seconds, but now has fallen back to pre-announcement levels, a few pennies above 7.50.
ReplyDeleteI wouldn't pay much attention to that is happening today on low volume and more importantly option expiration. Few quant programs are flushing out the week hands of put sellers. We have seen this drama before. Last half hour would be interesting to watch.
ReplyDeleteI would say the volume of the last day and a half signals capitulation on BAC. Looks like 7 is the new level. Like he previous poster, I expect the last half hour to be positive.
ReplyDeleteBTW, instead of BAC here, why not look at USB or WFC. They seem to be rebounding now.
ReplyDelete7.00 looks like the new floor in BAC -- at least for now.
ReplyDeleteI'm watching BAC more from a risk/market sentiment perspective (keep an eye on that canary), rather than to play a bounce on the long side. As banks go, I like USB more than the others. I wonder how long WFC can continue to slide by relatively unscathed. We shall see.
Lately almost all of my financial trades have been using ETFs rather than individual stocks.
Cheers,
-Bill
I have been playing the ETFs as well, but in the last few days, I was wondering if we could have outperformance from USB vs the broader financials.
ReplyDeleteBill, you said yesterday that you've got the VIX:VXV ratio at just over 1.0. I'm showing the VIX at 48.82 and the VXV at 14.51. That gives 3.36, nowhere near 1.006.
ReplyDeleteAre you not using Price over Price or are you using the natural log of day over day delta of VIX divided by the same for VXV?
This is probably far more confusing to me than it should be.
-Jeff
Jeff,
ReplyDeleteYou apparently do not have the correct ticker for the VXV. If you are looking for historical data, try the CBOE's VXV mini-site
The ratio is a simple price over price.
Cheers,
-Bill
After a half hour of slow paddling, I came to
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