Boy, the old stage coach got held up today. If you looked at the negative action in Wells Fargo (WFC) today, you would think that they went back to request more TARP money, but that was not the case…they beats earnings by $0.23c and also on the top line. The media and the shorts chose to focus on “continued” credit losses. Listen, at the end of the day the company is 1) profitable, 2) if you believe credit quality is going to get worse, the commodities and rest of markets upward movement don’t suggest that…they indicate a recovery. If the economy recovers, credit losses will stabilize and decrease. At the end of the day, anyone who sold Wells today that was long got robbed…plain and simple.

Disclaimer: I am LONG Wells Fargo (WFC) stock as of the posting date of this article. This post is merely to present an idea and not to try to persuade you to buy/sell any security within. Please do your own Due Diligence BEFORE making any trades.

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