Option trade on Bank of America

Over the past week the S&P has dropped from 1850 to 1800, and the market is showing some signs of pulling back and correcting.  It is still unclear if this pull back is short and setting up for another rally, or if this is just the beginning of a larger move to the downside.  Bank of America is down roughly 2% today to $16.52, and it is looking attractive for another entry point on the long side. 

Instead of buying the stock right now, it is safer to define an entry point in the mid to high $15's and enter into a synthetic long position through buying calls and selling puts. 

We are buying the April $17 Calls on BAC for $0.59, and selling the April $16 Puts on BAC for $0.54.  The trade costs $5 per set of contracts, and gives us long exposure to BAC.  In the event that the market continues to decline, we could be forced to buy the stock if we get Put on our short options and the stock trades below $15.46.