I maintained a long position of Bank of America yesterday because it was left out of the rally of the financial sector. I maintained a short position on US Bank Corp yesterday because it ran up 6.5% yesterday. It is not the first time I applied this kind of trading strategy. 
Long one issue and short another in the same sector. It turned out it was a good move.
The best scenario just happened at market opening. US Bank Corp retreated and Bank of America advanced. I net $260 right after market opening. Thinking back I should’ve double yesterday’s position. The down side with that was potentially low since USB ran up 6.5% in a single day and BAC had been losing ground for a number of days. The chance that they both move against me will be little. After all they are both big banks. If they both move in the same direction then I will end up making money on one issue and losing money on the other and my lost (or gain) is potentially limited. However in the case when they both move in the same direction I can take further measure like take profit on one issue, stop loss on another or increase holding on one of them etc.
Anyhow the situation of Bank of America and another big banks presented yesterday was a rare earning opportunity and I should’ve seized the opportunity and be bold on it. I was looking for more trades after the existing home sales number released and found BAC was trying to play catching up. I took the short side again and make a few more bucks. I wish I keep the short position on BAC till the end of the day. My account balance was up $325.78. It took me 2 days to recoup the lost on May 22th. It is a up day and it feels good not holding anything but cash
Account Balance Change: +$325.78
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