BAC - Bank of America

Looks like a nice open for BAC on 4 million shares traded

 

BAC looking strong in pre-market over 1mil shares

 

Bank of America is attracting upside option activity ahead of quarterly results next week.
optionMONSTER's tracking program shows that 17,500 July 13 calls were sold for $0.34 and 22,000 Weekly 13.50 calls expiring on July 29 were purchased for $0.27. Volume below open interest in the nearer-term contracts, which expire at the end of this week, indicating that a bullish position was rolled to a higher strike two weeks later while increased in size.
http://finance.yahoo.com/news/bulls-bank-america-report-142254382.html

 

On 1.2 mil shares traded

 

BofA (BAC) Beats on Q2 Earnings & Revenue Estimates
http://finance.yahoo.com/news/bofa-bac-beats-q2-earnings-121312381.html

 

BAC gets a nice pop on earnings

 

With financials mixed and weak this morning BAC has picked up strength as it leads the financials

 

BAC is getting overbought but the buyers keep flowing in even when the market has been down. It appears to be losing a little steam a top of the upper BB.



Not real time on the chart

 

BAC keeps inching up with the markets down

 

BAC is back in favor as the as the DOW and SP are down

 

Financials were good with the Fed today and pushes BAC a little higher. I am finally up again on my 01-19-18 $17 calls again. Thanks to Brexit my share count is much higher.

 

Nice cost savings but to bad some workers lost their jobs. I do all my Bofa transactions electronically including check deposits using the mobile app.

BofA Sees Digital Payments Cutting $1 Billion Cash-Handling Cost
Bank of America Corp., which spends about $1 billion a year handling cash, will save money and require fewer employees as more customers make payments electronically, Chief Executive Officer Brian Moynihan said.
“This is just the reality: the more electronification, the less people,” Moynihan, 56, said Thursday in an interview on Bloomberg Television. “It’s the way we’ve gone from 280,000 people to 211,000.”
http://www.bloomberg.com/news/artic...illion-cash-handling-cost?cmpid=yhoo.headline

 

BAC leading the financials today

 

BAC now back to pre-Brexit prices...When the market was selling I was buying I am away from home and can't do a screen shot but HOD 15.05 and current is 15

 

It appears the buyers are not done yet as BAC closed one cent off the HOD. I never seen much more than a small dip today. Up a couple cents in AH on 3,136,426 shares traded. With a strong July jobs report the chances of a rate hike are more likely.

 

As the financial sector (XLF) was modestly up in a down market so was BAC..Not overbought yet but getting close

 

I have been saying this for months that BAC has the most to gain from a rate hike, that is why I went long on it

Bank of America is better positioned to gain from higher interest rates
Bank of America (BAC) is better positioned to gain from an interest rate hike than JPMorgan Chase (JPM). This is because it’s more sensitive to interest rate changes than JPMorgan due to its large loan portfolio and its large proportion of interest rate–related income.

A Citigroup (C) report mentions, “For Investors With More Constructive Outlook On Rates and Economy, We Believe Bank of America [BAC] Is Better Play — The risk of downgrading JPMorgan here is that we continue to see good news on the rate front, but we prefer Bank of America since we view it as better positioned for higher rates and more room for multiple revaluation (Bank of America currently trades at highest implied cost of equity in our group of 11.8% vs JPMorgan at 10.5%).”
http://marketrealist.com/2016/08/ba...te-hike-jpm/?utm_source=yahoo&utm_medium=feed

 

The only big bank to post any gain today and a good recovery