I Am Shorting: $BAC As It Nears 7 Year High Pivot

Shares of Bank of America Corp (NYSE:BAC) are less than 5% away from their 7 year highs and I am going to short. The reasoning is simple. As Bank of America currently trades at $19.02, the high from April 2012 is $20.00. It is likely that as early as today the stock will tag that double top pivot. Being the highest level since the financial crisis, investors will likely sell it. I plan to take advantage of it and short the stock. This is a high reward, low risk trade with a pull back likely to $17.85.

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