Bank of America (BAC, $12.97, up $0.99) was all over the news Thursday as its CEO, Ken Lewis, was the latest CEO to take the hot seat. Talk about courtroom TV, this stuff is even better. You could clearly see the sweating and squirming from the dude as he was getting drilled about what he knew about this and that. I’ve been hesitant to make a trade on the Financial stocks because I’m not sure which way they are going to break. They have obviously been stuck in a trading range but I think we are going to get see some HUGE numbers from the banks when they report earnings in July. BofA isn’t my favorite stock in the sector but I like the action. In fact, here is what I had to say about the company back on March 18th (quotes are from that day’s blog): Bank of America Swells Up “Bank of America (BAC, $7.67, up $1.40) had another fantastic outing as the stock added another 22% today. Talk about having a tiger by the tail. The stock started higher right out of the gate and continued its upswing throughout the session after the company’s CEO said BofA could repay the $45 billion government TARP loan by late 2009 or early 2010, depending on the economy. BofA closed above $7 for the first time since late January and got an added lift after the Federal Reserve announced plans to buy up to $300 billion of long-term Treasury notes. By doing so, the Fed is showing its commitment to pump money into the financial system and encourage lending. The May 6 calls (BYOEF, $2.75, up $1.10) were entered at 75 cents on 3/11/09 and as of today’s close that represents a return of 267%! I have been talking about protecting your profits with this one all week and it would be prudent to set stops at $2.50 RIGHT NOW if you haven’t done so already.” – (END) I also mentioned some July call options that now stand at a 200% gain as well but those are still “active” so I can’t discuss them here in the blog. However, I will be taking another look at the stock tonight and might announce a trade by Friday. If I do, it will be delivered in your email inbox for those of you that have subscribed to our new trading service. I don’t normally like to open positions up before the weekend so we may wait until Monday. Most of you seem to have gotten your user name and passwords worked out and some of you have been asking about the Members Area. We will be working on this over the next few weeks so please be patient. Everything will be posted there and we want you to easily be able to navigate the site and know where to find things. I have been so swamped as many of you know and I am finally returning to a somewhat normal schedule. I apologize for the delays in getting some of you on board but everything should be working pretty smoothly now. If you still don’t feel you are subscribed or still do not have a user name and password, please email me tonight and I will work on them again on Friday and over the weekend. Thanks for your patience. Rick Rouse Oh yeah, you can also read my original blog “Banking on Bank of America” by typing it in the search box.]]>