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OIB Trade Alert: BAC

Bank of America (BAC) sold off despite reporting $21.6 billion in revenue and earnings per share of $1.03 for the second quarter, along with the release of $2.2 billion in loan loss reserves. However, management said net interest income fell 6% compared to the same quarter last year due to the low interest-rate environment.

I am recommending a call to sell for members who own shares uncovered from a previous position. The income we generate will reduce our cost basis on the shares.

Current Stock Price: $39.18

Cost Basis: $42.34

Action: Sell to open the BAC Jul Week Four (7/23) 39.50 Call

Current Option Price: $0.44-$0.45

Recommended Limit: Set your initial limit order at $0.44, but adjust as needed to sell a call today

New Cost Basis: $41.90

Expiration: After the close on Friday, July 23

Potential Rate of Return: I am targeting breakeven for this position

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