This is an update to my blog article about Wells Fargo (WFC) on 6/2/09 . I bulked up my position on Friday..my 1982 dodge truck is now full of certificates purchased at 23.46. I believe that this thing is still a buy @ $24, but I have hit the maximum space available in the back of my truck.

Without boring you with additional fundamental data points, basically as the economy gets better (ie. housing, jobs), we will see $28 bucks (16% gain)…heck $30 is in the cards. It has been treading water technically, but as July earnings approach…we may get a nice run ahead of fundamentals.



Very Long Wells Fargo

If you enjoyed this post, please subscribe to my RSS feed!

Hmmm…Nvidia (NVDA) chart looks interesting. I think I may be looking for an entrance this week, chart says this one may have some legs yet. Might kick the tires under $11 bucks.


No Position 

If you enjoyed this post, please subscribe to my RSS feed!

Today Bank of New York (BK) dropped below my initial purchase price of 28.50 to 27.93…At those give away prices, I tripled my position at $28 a pop. BK is now trading at 28.82 and I gave them back part of my position. How did I know this?…the charts….the move is all technical despite all the noise of bad economy all around.

This market is the ultimate day traders dream, but also if you can hold on to some of these names, you will be rewarded later in the year. Do your DD.

Its time to go watch some Confederations Cup soccer.


Long BK.

If you enjoyed this post, please subscribe to my RSS feed!

I am adding New York Stock Exchange (NYX) to my conviction list. Bought some at 28.05 today.  Will add if it goes down more….the lowest I believe this will go is 200 sma at 25 bucks. My reasons for going long - Transactions uptick and kicking that yield on the div.


Long NYX 

If you enjoyed this post, please subscribe to my RSS feed!

Bank of New York (BK) is my new play. I believe that this bank can run into the low 30’s.
Pros - Good Balance Sheet, no need to raise stress test dollars, will repay TARP soon and finished its equity offering. 
Cons - We can always find a million and one reasons - call Professor Roubini.

It has been trading sideways for a little, but technicals indicate that this one will trend up. I just bought a ticket for $28.50 to ride this train.


Long BK.

If you enjoyed this post, please subscribe to my RSS feed!