Wells Fargo is a SHORT

I find it funny how you say the trend is "up" when the stock just washed away 2 days worth of gains. Not only that it's not even worth $30 per share.

When I first came on I said the level is near impossible to break. Never said it wasn't. I put in a stop order at $30. And I shorted at the $29.50 level. I shorted at 31.40 and It's currently at $30.04. I lost around .50 per share but I'm currently making 1.40 or so on my trade. I'm at a 3:1 profit ratio on my trade already.
 
the fact that it couldnt close below $30 and that it broke it momentarily and got bid right back up above $30 makes me think that it may have a break to the upside monday. I am saying this also holding a short position, had it been able to close sub $30 I would feel more confident on a technical basis. Dont they also report earnings this week?
 
Quote from sledged:

the fact that it couldnt close below $30 and that it broke it momentarily and got bid right back up above $30 makes me think that it may have a break to the upside monday. I am saying this also holding a short position, had it been able to close sub $30 I would feel more confident on a technical basis. Dont they also report earnings this week?
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Fundamentally, I don't see how WFC or any large commercial bank is going to be attractive in the next 1-3 years:
1) no commercial lending
2) no real estate lending
3) little automobile lending
4) little home equity lending

Basically: How are they gonna make money other than the SAME OLD, SAME OLD Cost Cutting ?
 
Quote from syswizard:

Fundamentally, I don't see how WFC or any large commercial bank is going to be attractive in the next 1-3 years:
1) no commercial lending
2) no real estate lending
3) little automobile lending
4) little home equity lending

Basically: How are they gonna make money other than the SAME OLD, SAME OLD Cost Cutting ?
More...


Exactly! even now the price is not even justified. Why are investors paying $30 for a piece of paper that was worth the same amount in 04 and 05 when it was growing and the economic out look meant growth not a whole bunch of cost cutting and inflating book valuations.
 
The why is irrelevant.
Do not question why - this is why people lost fortunes because they wondered why dot coms were going through the roof a few years back.

WFC based on fridays action is a "I don't know" with a slight bullish outlook - 30 was a perfect number to close on so that a max of option holders were left holding the bag....

Buying support at 30 is probably going to be one of the things I will look for monday - low intraday risk.

But now there are better trades out there to be had - so this is nowhere near the top of my list...
 
Relative strength due to earnings only.

Tomorrow we'll have a better idea - I would not want to be holding this overnight - not one bit....in either direction...
 
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