I am going to place an order to buy some BAC ” Bank Of America” @ $2.60.

I’m fishing for a double bottom off the 2009 low. Don’t bet the farm but it’s worth a shot.

If you aren’t equipped to see it cease to exist as a company and go to zero, do not do the trade.

Let me be clear …

I have no idea what type of price action the major indices would need to see a 2.60 print in BAC..( I know it’s trading just shy of 6).

The S&P would likely have to be in the mid 900’s…200 points lower than where we are now.

Simply, this is the only place I would attempt a trade in this instrument.. So I’ve placed an order which I will promptly forget about until the buzzer rings to tell me I’m filled! Then I’ll figure out what to do with it!