Bank of America Corp (BAC)

[Portguyofva]

I'm looking to extend (building LT position) at $8 and possibly $7.50 if support at $8 fails. Started my core position at $8.55 earlier in the week. I'm not confident enough in the price dropping from current levels to short it. Big money owns the direction of BAC right now and I am finding it difficult to predict the big money strategy. I'm comfortable with the LT direction of BAC and future fundamentals, but NT going to follow the technicals for entry/exit guidance. IMO, next buy opportunity is in the low 8s with strong support between 7.72 and 7.43. Find the bottom of the current down cycle and $7 call options for Jan14 may be the best play. GLTA.