A Play on Bank of America Earnings

We haven't seen a lot of bank sector volatility this morning in response to earnings from Action Alerts PLUS holding Citigroup (C) and JPMorgan Chase & Co  (JPM) , although some sell-the-news has crept into view. There are still plenty of hours left in the day, but JPM feels like it will remain fairly tepid.

If, as a trader, you followed along with my preferred strategy of the long call spread with the short put spread, you should be headed to the exit by now. The thesis was to go long in the money on the call side and short at the money on the call side, as well as being short out of the money on the put side. The trade is up around 22% at the time of writing, but was up much higher earlier this morning....848 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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