We had our eye on Bank of America (BAC) as it teed up earnings this morning. We noted it was in the higher risk category for trades but with the right position size it offered big potential reward for the risk on the table. The news late yesterday of money laundering charges definitely tipped the scale and wiped out any logic for taking that trade.

If you took it, be ready to exit this morning. It is not impossible for stocks to shrug off this type of headline, but that is not worth any additional risk.

The other trades are faring much better (albeit a low bar) and offering some nice gains. (check the update here).

With a lot going on in the market right now, I am scrambling to keep up with everything and grateful for the heads up I get from some top traders. Here are a couple articles that had me dialed in to each word.

I got an email from Joe Duffy this morning with a really interesting update. It was a signal of a massive shift looming and his quick overview laid it out really well. I added his red alert signal to my list to keep an eye on.

Also Keith Harwood sent over an opportunity that I wouldn’t have spotted if he hadn’t written about it. When I get overwhelmed it is these type of tips that help me get out of a trading rut. Definitely check them out.

Keep learning and trade wisely,

John Boyer

Editor

Market Wealth Daily