The market is down a little after a weak Institute for Supply Management (ISM) number that reported business at service companies were lower than expected last month. The news came out at 10am and the Dow has been testing a triple-digit loss ever since. At 9,247, the Dow is currently down 72 points. The Nasdaq is at 1,987 while the S&P 500 is at 998.
One stock that continues to impress is Bank of America (BAC, $16.33, up $0.69) which has broken above its December lows which was prior resistance. We got shaked-out of the August 15 calls (BYOHO, $1.57, up $0.57) at 94 cents but some of you kept the trade open. These calls were profiled at 32 cents last Friday.
The current breakout is something to watch. I’m looking at the chart right now and I need to do further research but I like the the August 17 calls (BYOHQ, $0.44, up $0.25) up to 50 cents and the September 18 calls (BYOIR, $0.55, up $0.26) as quick trades. If you buy 10 or 20 contracts, try to look for a $200-$500 profit and get out.