Friday, February 27, 2009 2:38:12 PM
hence this stock is shorted especially after some updays and second, also longs are not holding but selling again, taking profits (check the comments of people posting on this board who actually like BAC but trade it quickly again).
So, long term buyers are still missing basically, thereby creating again and again winning opportunities for those who shorted or took profits. Those who like BAC expect to buy this stock cheaper in the future.
While this could work moderately at the moment, this will change radically one day (soon?) and those, who feel comfortable now with relatively small profits, risk to pay big in the future. I recently heard an analyst on TV saying that nobody knows when the banks finally rally again but it will be really powerful and when this happens, he does not want to be caught on the wrong side. The prices are ridiculous right now for those banks who will recover the next couple of years. We have a good candidate here imo.
Btw I'm not so sure that high frequent trading these days brings significant profits. You still need to anticipate the movements which are highly unpredictable these days, more than ever. People normally post their wins but refuse to mention when they were wrong. A lot of shorters lost money this week for sure.
Recent BAC News
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