New Position: BAC

I sold July $14 puts for .14. This is similar to my VZ play in that I'm willing to own this name at this price so there is no exit point, I will take possession and write covered calls. There are two possible resistance lines on this chart, but I am ok with ownership so I'll root for to expire worthless but not cry if it doesn't.

BAC naked put close out

I had sold May $17 naked puts for .38 back on 4/30 when BAC was at about $18.25. At the time I just felt like owning at $16.62 was a good enough entry point for me so I was looking to sell puts and ready to take possession. I posted recently where I missed the opportunity to close them out at .18 the very next day, since then it's just drifted down in a fairly tight range. Theta decay made up for the downside move in the underlying so I was able to exit at .35 for about a push. Besides the chart working against me, I see that Morgan Stanley is now being investigated and I'm thinking to stay away from the financials in general until voting on the financial regulation bill is over because all the big banks were in to the same transactions. It makes more sense to play safer names like MO with a dividend rather than BAC at this point.