With the volatility index (VIX) still at high levels and still many problems among the economy, all signs are pointing for the market to head south. In the means time, below are a few setups I think we can take advantage of.
The idea is to try and setup these plays, so the rewards can be reaped on those intermittent up days. Continue looking for high quality, but beaten stocks that will turn around in the long-term.
Bank of America (BAC)
By no means am I clamoring a “buy, buy, buy” here, but when prices get so low you have low cost of entry mixed with nice pops which means a nice little profit. Lets see if we can buy in under $6 here.
The stock has just been getting ripped since their announcement of losing its partnership with Starz. Lets see if we can get a “fill the gap” play here. All bets are off if this thing dips below $200.
Possible head and shoulders reversal pattern developing here, which could result in a healthy gain.
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