$Woop that baby up – recent buy BAC

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What’s an amazing year so far! $BAC has come back down to my cost of $11. I didn’t hesitate to empty my savings to swoop up 1000 shares of BAC. Time will tell whether BAC will ever get back to its glory of $50 share. 

No long write up about Bank of America. But the whole financial sector gotten beat up for ONE reason: the stress test result won’t come out until April, Wall Street crooks can short freely without consequences. I wouldn’t be suprise if BAC goes to single digit. In case, I’ll buy more.

I don’t have the time or the commitment to play short in my longterm investment. What I know is BAC has a lot of cash to buy back its shares, I can’t catch the bottom, but I will buy BAC if it continue to fall. 

GA

19 Comments

  1. Looks like BAC getting attention from DGIs again. The banking sector is getting beaten up pretty badly. Good time to load up.

    R2R

  2. I just opened a tiny position with BAC myself, no where near your level though. I’m envious in throwing that much into the hat on a buy. But, I’ll keep plugging away and I hope to add quite a bit while it is still at this depressed price. Thanks for sharing your purchase with is!

    • Right after I bought it at $11, it continued to go down. These days, Wall Street knows it “ok” to short big banks as no buy-back is authorized without the FED approval, so the party is on!
      If BAC is back at <$10, WFC at $28, C at $15, JPM at $30s, these are the level in 2009, … Man…

  3. Banks overall are indeed beaten up… I feel it hard in my put position on XLE… I do hope the fear in the financial system goes away soon.
    I did not know about the US stress tests. Good to know…

    • Oh yes, indeed! The stress test has been a stable since 2010. The FED imposed condition to see if the banks have enough cash to weather the storm. Since 2010, investors have been betting each spring to see which companies will pass the stress test.

      There are talks to deregulate the FED, but the everytime we deregulate, banks go nuts and start making bad bet!? :p so the 2 prominant presidential candidates Donald trump and Bernie sanders are also against Wall Street, so we’ll see what they will do after the election, usually the year of the election, they probably will not pass any new laws. That’s why a lot of gurus were predicting a flat year for the DOW.

      I’m still on vacation, so I only have a little bit of time to blog and read the news. 🙂

  4. A FOUR DIGIT PICKUP? Heck yeah Vivianne! BAC holds a special place in my heart as it was the first stock my grandma bought me back in high school. Unfortunately that was pre-crash, so I am trading at a loss. But I will never give up those 11 shares. Me personally, I’m staying away from the big banks and am instead focusing more on the community banks that pay a high dividend. Personal taste at the moment though. Regardless, if you were comfortable with the purchase than that is all that matters.

    Best of luck!

    Bert

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