Monday, December 29, 2008

Move #123: "Spread the Board" ~ Bank of America Corporation (Public, NYSE:BAC)



         ** Spread the Board ~ Like Butter, baby! **
    
MOVE # 123:  Spread the Board aka Cover the Board.  

EXAMPLE:  We currently own BAC puts.  But we only have JAN 12.50s.   We are confident that BAC will eventually break down,  it just might not happen in the next 18 days.  So here's the play ... SPREAD the BOARD!  ..... buy puts in JAN, FEB, and MAY.    That gives us 5 months to be right.   Look to add FEB 12.50s with BAC above $13 tomorrow AM.   Then the MAY 11s. 

The SHORT List:  ICE, BAC, COST .... the Amigos & FAZ! 

13 comments:

BUY ON THE DIP said...

S&P says SELL ..... genius!, thanks guys.

We also lower EPS estimates to reflect our higher projection of securities writedown and loss provisions. Based on widening spreads in secondary market, particularly for commercial real estate, we look for Q4 writedowns to be up from Q3. In addition, we think BAC will continue to add to reserves well above chargeoff levels because of worsening of credit conditions. All told, we are reducing our '08 and '09 EPS estimates by $0.14 and $0.48, respectively, to $1.33 and $1.87. Our target price, cut earlier from $17, is $10, in line with tangible book value.

BUY ON THE DIP said...

PBR , buy buy buy!

BUY ON THE DIP said...

that worked.

BAC

After Hours: 9.67 -0.53 (-5.20%)

Jan 14 5:59pm ET

Anonymous said...

Hey, not that I don't believe you, but I want to see it with my own eyes because I'm holding FAS over the weekend... Where are you getting that after-hours BAC price data?

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