Wednesday, February 9, 2011

BAC and Wikileaks

With an hour to go into the trading day, BAC caught a nice bid causing a 2% move up in the final hour.  Apparently a  Reuters report released around the same time questions the integrity and damage associated from the to be released Wikileaks documents.

Shortly thereafter, a Wikileaks release highlighted a planned strategy by BAC to go on the offensive ahead of this release by Wikileaks.

The Reuters story reads right into the BAC strategy.  I am not a fan of BAC at all and am short the stock via various call spreads.  I find the Reuters story highly suspect though only time will tell where the "truth actually lies."


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