SaxoTV

Berger: Short selling Bank of America after earnings rally

389 views
July 20, 2015 america, bank, bank of america, banking, banking industry, banking sector, berger, earnings, earnings reports, earnings results, earnings season, equities, equities saxo, equities trading, equity, equity market, equity markets, equity strategy, equity trading, rally, saxo, saxo bank, saxo bank equities, saxo bank group, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo bank tv, saxo capital markets, saxo traders, saxo trading, saxo tv, saxo tv saxo bank, saxo tv trades, saxo tv trading, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxobank, saxobank.com, saxotrader, saxotv, sell, selling, serge, serge berge, serge berger, serge berger saxo, serge berger tradingfloor.com, serge traders trale, serge tradingfloor, sergeberger, serger berger, share price, shares, shares prices, short, short sell, short-selling, steady, steady trader, steadytrader.com, stock, stock market, stock markets, stock price, stock prices, stock rally, stock trading, stocks, stocks markets, trade, trade idea, trade ideas, trade view, trade views, trader, trader idea, traders, traders tale, traders tale saxo tv, traders tale serge, traders tale serge berger, trades, trading, trading equities, trading equity, trading floor, trading floor saxo tv, trading idea, trading platform, trading risks, trading shares, trading stocks, trading strategy, tradingfloor, tradingfloor saxo bank, tradingfloor saxo tv, tradingfloor trades, tradingfloor.com, tradingfloor.com insights, tradingfloor.com saxo tv, tradingfloor.com trade ideas, tradingfloorcom, united states, us
Serge Berger is looking to sell short Bank of America stock. Better-than-expected earnings have seen Bank of America’s share price rise 11% in less than two weeks and according to Berger it is now hitting an area of technical resistance.

Bank of America reported its biggest quarterly profit in nearly four years on July 15 partly due to a reduction in legal costs. Earnings more than doubled to around USD 5 billion, while revenues rose 1.7% to about 22 billion.

While positive on the stock in the next 3-6 months, Berger believes the it could take a pause from the current rally and pull back. He is looking to sell short on a bearish reversal below USD 17.90 with a stop at 18.20 and target at 17.20.