SHORT BAC

shorted 3.63
covered 3.5978

reason for shorting:
- spy falling apart and making lower highs and lows...fas broken support at 3.60
- wfc and C facing continued selling, MS falling apart, GS also looking weak
- BAC looking weak but havent' broken down just yet..but it's got 5, 10, 20, 50 ma's on 20min all acting as overhead resistances and pushing the stock to lower 3.60

reason for covering:
- spy was looking stronger and just won't break down
- wfc bouncing, fas bouncing
- bac put in a wick/tail and it just won't break down after given it for 5 minutes..starting to look scary.
- afraid of sudden nap back given then "strengthening" market picture at the moment, I had to cover to break even net of commissions.

update:
- bac falls apart right after i covered it...wtf...while fas was bouncing.
- it fell as far as 3.52..but putting in big wicks showing support..
- capital preservation is job #1..so i'm not gonna complain since i broke even.

Lesson Learned:
- even though the market look stronger, I still need to wait for the stock's price to confirm ITS weakness before covering. Market looking stronger only gives signal that I need to be more quick in protecting profits..it doesn't give me the reason to cover right away unless its price confirms.