We're back on the train, hey
Oh, back on the chain gang
--Pretenders
The Bank of America (BAC) situation continues to merit attention, me thinks. A $2 trillion balance sheet with assets of questionable quality. Plus the bank is bogged down in the fraudclosure mess.
If this house of cards implodes, then Bailout 2 looms large...
The stock had been trading like death on a cracker until it popped with the overall sector last week. Altho I'm not playing it this way, the set up right here seems like a decent defined risk 'pop and drop' entry for traders who wanna bang w/ Boo in this name.
Regardless, keep half an eye on this situation...
position in SH, XLF
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
2 comments:
On Feb. 19th, 2009, a television commentator named Rick Santelli stood up and said what the hell are we doing bailing out people who couldn't afford a mortgage by taking money from people like me who are prudent?
~Karl Rove
Not sure if you saw it, but that was a great rant by Santelli. He's followed up w/ a few since then. Saw one when I was up in Wis. Was surpised by how well he gets it...
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