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Long Play Updates

US Bancorp - USB - close: 36.31 change: -0.37 stop: 32.99

USB continues to hold up pretty well during this market volatility. The stock traded in a $1.20 range but didn't breakdown under $36.00. We would still consider new bullish positions here or on a dip near $35.00. The financials remain a very volatile sector so we're playing with a wide stop loss on USB. You might want to tighten your stop on Friday when gets close to the next congressional vote on the bailout plan. We're setting two targets. Our first target is $39.95. Our second target is $42.20. FYI: If no deal is approved on Friday - look out below for all the financials!

Picked on October 01 at $36.68
Change since picked: - 0.37
Earnings Date 10/21/08 (confirmed)
Average Daily Volume: 22.7 million

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Wells Fargo - WFC - close: 35.16 change: -1.54 stop: 32.95

WFC suffered some selling today but the dip near $35.00 looks like another entry point to buy the stock. We want to remind readers that we're suggesting long positions on WFC because the company should be poised to do well coming out of the credit crisis and once the rescue plan legislation is passed those banks poised for growth could see significant share price appreciation. The trend in WFC is bullish but a number of the technical indicators are starting to turn bearish. 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: - 2.37
Earnings Date 10/16/08 (unconfirmed)
Average Daily Volume = 54.5 million
 

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