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I'm Dan Fitzpatrick at StockMarketMentor.com on Saturday, July 14th.
I want to look at Bank of America ( $BAC Bank of America Corp ) in this video.
I'm going to give the rest of the financials a pretty good treatment
in our stock watch video over the weekend; but I want to just look at
Bank of America ( $BAC Bank of America Corp ) here. They announce earnings next Wednesday, at least
that's what I have, that's on Wednesday the 18th,
and I have that from two different sources.
I would expect this to continue up, I don't know what you know, what's
going to happen after
they announce earnings; we got three trading days until that
happens.
But I know this JPMorgan ( $JPM JPMorgan Chase & Co ) popped on their earnings, Bank of America ( $BAC Bank of America Corp )
also of course moved up over four percent;
but we've still got more to go.
I'm looking at about another 40 cents or so on this run
before you would look for profit taking
to come in; so here's the thing, and this is just a real quick video, I just
wanted to
frame this trade for you.
So,
we have two trading days not three; Monday and Tuesday, company
announces earnings Wednesday morning; so we've got two trading days and I'm
looking for
a move up to fill
this gap.
The gap between the 20 day moving average and the upper Bollinger Band.
I think there's your quick trade,
right there. As far as what it's going to do after earnings,
really, really difficult to say and I look at it as two different trades. There's
the pre earnings trade, which is the trade and I'm just outlining,
and then the post earnings trade, and in that respect this is the time frame I
would use.
I would want to use
the weekly chart because it keeps me honest, keeps me knowing that as
far as the 200 day moving average here, in the 40 week moving
average, Bank of America's ( $BAC Bank of America Corp ) actually
are pretty close to it, relative to all these other big excursions and all here.
In my view the path of least resistance, brace yourself,
is upward,
because the stock has been around this 200 day moving average
that is now, finally, moving higher again,
after moving lower, for it seems like nine lifetimes;
starting to move higher again.
So, on this weekly chart
post earnings, if earnings are good, you're going to get a lot of wiggling and
jiggling around here,
but you're going to see, in my view,
a tendency for the stock to move higher
just because all the technical indicators, the tumblers so to speak,
are falling into place in that regard; but that's for then
this is, for now, looking for a quick trade over the next couple days
as traders rush into buying Bank of America ( $BAC Bank of America Corp ) before earnings. Okay members,
weekend update. I've got a lot of stocks that I want you to be looking at;
a lot of them are working really well and they're the ones that we've been
covering for a while, so let's get over there now.