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Long Play Updates

Wells Fargo - WFC - close: 36.70 change: -0.83 stop: 32.95

After yesterday's huge rally in WFC a little profit taking like today would be normal. However, it's a concern because WFC under performed its peers in the banking sector. The BKX and BIX were up 6.9% and 2.9% respectively. We remain bullish on WFC and would still consider buying dips near $35.00 but we're starting to think that USB might be a better candidate for bullish positions. Our first target for WFC is the $42.50 mark and suggest readers sell 50% to 75% of their position there. Our secondary target is $47.50.

Picked on September 30 at $ 37.53
Change since picked: - 0.83
Earnings Date 10/16/08 (unconfirmed)
Average Daily Volume = 54.5 million
 

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