SHORT BAC

shorted 3.39
covered 3.35

reason for shorting:
- gapped down tried to fill gap then horseshoed downward with all ma's (5, 10, 20, 50) on 20 min. timeframe acting as resistance
- lots of overhead resistance from prior day and its inability to fill gap.
- xlf again very weak, took out the day's low. GS also horseshoe down...wfc on lows...C couldn't bounce and making new lows

reason for covering:
- this thing wicked down past 3.35 and came right back..I tried shorting more at 3.37 without success. Just then the market, spy, had started to bounce, xlf was also showing signs of stabilizing.
- lots of support at 3.35 for bac at the moment..my target had been 3.31..but seeing the strengthening of the market, i had to get out quick...so i sat the limit buy order at 3.35 hoping to get wicked out if i was lucky. and I did.

update:
- damn wish i had the balls to wait a little longer...but the mother scary wicks were killing my patience.
- ahhhh i hate you bac..you hit my target with a wick..but not before you put in a scary looking reversal...damn this market..