The big banks have reported strong earnings this week, and traders on StockTwits are betting the trend will continue with Bank of America (BAC), which releases second-quarter results Wednesday.
But the enthusiasm for Bank of America quickly fizzled out as the broader market turned negative.
What gives? Well, everyone knows, you always sell Bank of America before earnings. Or you always buy it before earnings. Sorry, you hold it into earnings. You sell it after. Wait, what?
Got it, sell now, buy tomorrow. No pigs or cheerleaders here.
Ok, hold now, sell tomorrow. Thanks for clearing that up. What if this time it's different?
Anyone else want to take a stab?
One thing is for sure, Bank of America is not going to fall below $14 a share, until it did.
Later that morning...
Of course, it's still relatively early.
Breathing is important, maybe just let them breathe all day?
So what is all the fuss about anyway?
Bank of America is expected to report earnings of 25 cents per share for the second quarter, up from 19 cents in the same period a year ago, according to a consensus of Wall Street analysts.
JPMorgan Chase (JPM) is restarting its plan to buy back its stock in yet another sign that the bank is shaking off troubles with regulators stemming from its London Whale trading loss.
In an SEC filing, the bank said it would buy back up to $3 billion of stock during the first quarter of 2013. The bank's initial plans -- to buy back up to $15 billion in stock, which MOREMaureen Farrell - Nov 8, 2012 6:11 PM ET
Banks have had their share of bad publicity recently, but investors continue to give them the benefit of the doubt.
Standard Chartered (SCBFF) is a prime example.
The British bank's stock has recouped nearly all of the losses sustained earlier this month, when the bank was accused of laundering money for Iran.
U.S.-listed shares plunged to a low of $18.65 on Aug. 7, one day after banking regulators in New York threatened to MOREBen Rooney - Aug 24, 2012 7:04 AM ET
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