people bought Wells Fargo because JPM beat expectations. To bad people aren't realizing their buying stuff at prices when the economy was way better(05-06) than it is now.
What happened to Wells Fargo going to $35? From the looks of it Bank of America tanked by 3% and it's not even over valued but Wells Fargo on the other hand is way the hell over valued. Wells Fargo will sink far more than 10% to get into a reasonable trading range.
We're still holding yesterday's support in all 3 markets. Relax. JPM is looking pretty ugly on the daily at this point - and so does wfc - but you need to break 31 and close below it - day's not over.
Still holding like a champ - actually closed higher than yesterday - pausing on lighter volume.... took a breather after a nice day yesterday - no reasons to get out if long.
-4.27% I told you the odds were in my favor. Thanks for the money bulls I appreciate it it broke it's up trend as well. Wow, things change in a single day on Wall Street. Just to let you know, when I call tops I'm generally right. I can actually tell the story before it even happens.. So for all you people who rate this thread a single star, looks like I was right and you were WRONG. Happy trading folks!
Oh, it will be. It just broke it's up trend. And I shorted when it broke above the Bollinger Band into 31.40 I never thought it would break $30 so I exited around that level and shorted when it busted the upper 2.0 Bollinger Deviation. Works like a charm.
just as it went up on JPM earnings it now went down on BAC earnings and market gapping down. and the day is not over - I have to get out of here early today or I'd be buying 30.00 support for the afternoon with a tight stop - and it's where it closes that matters. so far looking like a gap reversal - so if it closes below trendline and below 30 a short would be in order - wait and see.
Look, I try to be a positive guy, but I'm questioning your sincerity here. On your opening post, you state WFC has no business being above $29. That was on the 8th. You also said you felt the $30 resistance would be there for a long time. Then another poster stated they didn't think you should be declaring victory with the stock above the level where you originally shorted it. Now you come back and say you shorted it a dime or so off its high? Hmmm... It's not like I'm a big fan of WFC at these levels, but trading is trading, and until the trend is broken (it isn't - the trend is still up) one should look for long opportunities. Full disclosure: Bought a bit of WFC at $30.02 a few minutes ago for a day trade. Using a $.20 stop looking for $30.40-50. I'll be out of the trade by the end of the day no matter if those levels are hit.