Luster off the Housing Trade
Saying the reaction to bank earnings is a little underwhelming may be the understatement of the session.
My concerns with the Wells Fargo (WFC) chart seem justified, but that is always easy to say after the fact. From my two earnings trades looks yesterday, WFC was the trade to take. The correlation trade was a wash, so no harm there, but either put spread has maxed out its value. If I had the trade, I'd take the profit and call it a day. Regrettably, I took the JPMorgan (JPM) trade and left the WFC trade on the table. There is a bit of Friday frustration for you....470 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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