Bank of America Corp (BAC)

[realfast95]

I sold out Friday. Didn't like the overall action. Last trade at 7:55PM Friday after hours at 15.82
The end of the month looks dicy. So I hope to buy back in September.

This options note posted Friday at 12:30 pm. Looks like profit takers, moved out.

http://www.optionmonster.com/news/article.php?page=bank_of_america_investor_doubles_down_115828.html
A major trader is raising the stakes in a bullish position on Bank of America.

optionMONSTER's monitoring program shows that about 10,000 Weekly 15.50 calls expiring on Sept. 2 were sold for $0.28 while about 20,000 Weekly 16 calls expiring on Sept. 23 were purchased for $0.26 today. Volume was below open interest in the nearer-term contracts, which expire at the end of next week, indicating that an upside trade was rolled forward by three weeks to a higher strike and doubled in size.

Long calls lock in the price where investors can buy stock, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also generate significant leverage on a percentage basis if shares move in the right direction. (See our Education section)

BAC is up 1.16 percent to $15.71 in afternoon trading and 6 percent in the last month. The financial giant reported bullish results on July 18 and is scheduled to announce its next earnings numbers before the market opens on Oct. 17.

Overall option volume in the name is twice its daily average so far today. Calls outnumber puts by a bullish 3-to-1 ratio.