Bank of America Stopped Out At Loss Limit In Bank Risk Pair Trade
And another banks loses its clients a boatload as Bank of America is forced to close out its long bank rish vs IG trade after the stop loss gets hit. With bank CDS surging the negative convexity is sure to send spreads in the sector even wider, rivaling only the stupidity exhibited by Apple which is now over $310 and has entered its parabolic move, as everyone is now in the stock. At this point look no further than the dot com crash to see how the move in the Nasdaq, better known as Apple, will end, and why deep OTM puts will soon rule the day. Back to BofA, Jeffrey Rosenberg instituted a $20MM short risk protection in IG15 last night. Hopefully that isn't stopped out imminently, on nothing more than intraday OpEx-POMO Vol.