SPUZ are down 18 bucks - and BAC (Bank of America) is up.16 cents, this stock presumably trades with the market meaning when the market is up its up and when the market is down its down , today is clearly an exception to that. Since John Paulson (mega zillionare hedgie who crushed em in the subprime debacle) dicslosed his stake in BAC the stock has been extremely active and trading higher, whats interesting about this is that he could be out of the name by now - he could have sold every single share...BAC is not exactly dark matter (like C, AIG,FNM,FRE) but its a close cousin - good luck forecasting this companies earnings which is actually not nearly as important as the state of its balance sheet. Anyway who cares about fundamentals when you got momo on your side?
Something I have noticed of late is that the market makes its move early in the day and then trades in an extremely narrow range until about 2PM central time where another move ensues. Lately the market has been up 1% everyday and then extends at 2pm to make the gain 1.3% to 1.5%, if, and that is a big if, this works on a downday as well you can expect further losses to end the day.
The Cubs are playing the Pirates this weekend - who a good triple AAA team should be able to beat so Im gonna turn it on and multitask.
JB
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