BAC reached the bottom of its rising wedge this morning. It tagged 9.32, even better than the 9.40 I was looking for. I sold my remaining August 11 puts at 1.65 for an 83% gain in 9 days.
At 8.89, it would complete a bullish crab pattern that would also coincide with the bottom of its channel. Might take another look at playing the upside, but doubtful.
First, I don’t expect the market to make any serious advances anytime soon. Second, if I changed my mind, I wouldn’t play the upside with BAC.