Ok, I’m positioned currently for a bounce. If BAC can get back to $16, which is not unreasonable by the 3’rd week in May, this trade nets a 93% return. If I hedge it out with a Put, then obviously that return dilutes if it trades higher.

The question then is: has most of the near term downside been removed out of the stock? Generally I prefer market neutral, however there is a time issue here.