It's a breakout, and now the momentum boys will buy it. Their excuse? Morgan Stanley's estimates of $2.54 for BAC for 2010.
Meredith Whitney, is at .20. Most of the rest on the street is .60-.90. BAC has already raised their capital; the billion dollar man, John Paulson, took 100 million shares at $10, and the shorts haven't covered, and the funds are underinvested. Anyone think some number bumps aren't coming for BAC? Isn't Wall Street "Monkey See, Monkey Do!"
Who is left to sell? Temasek? Who dumped it at $7. The long term holder?
The stock is so poised to move that I need to tout some options. Look at the July 14 calls at .62. I like that play!
And I've been touting BAC throughout the capital raise, but now it's time for momentum boys to get paid. After all, we heard yesterday afternoon from Joe Weisenthal, that the financials are dead! Whatever!
The last time I touted BAC calls you got triples within the week.
Did the capital raise keep BAC down? No. How about Tanzilla's indictment? No. How about Ken Lewis' grilling before Congress? No. How about "Gilligan" I mean Whitney Tilson, touting this as a short? A resounding No!
So where then, do you think this number is going?
How about higher!