Banks are on the brink of cracking a critical level [CNBC]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: CNBC
show chapters The chart of the financials has reached a very precarious level, according to TradingAnalysis.com founder Todd Gordon. Not only is the financials-tracking ETF ( XLF ) down about 1.5 percent year to date, but Gordon says its underperformance relative to tech stocks makes it among the most vulnerable in the event of a market pullback. Here's why: • The XLF has fallen back down to the $26.50 level about four times this year. Gordon believes any weakness in the XLK could trickle down to financials, and push the XLF tumbling below that level. • Furthermore, big bank names like J.P. Morgan , Wells Fargo and Bank of America have also fallen and are struggling to make a comeback. • As a result, Gordon wants to buy the July 6 weekly 27.5-strike put and sell the July 6 weekly 26.5-strike put for a total of 34 cents, or $34 per options spread. The trade: Gordon is suggesting buying the July 6 weekly 27.5/26.5 put spread for
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BAC
Earnings
- 4/16/24 - Beat
BAC
Sec Filings
- 4/25/24 - Form FWP
- 4/24/24 - Form 424B2
- 4/24/24 - Form NPORT-P
- BAC's page on the SEC website