It's not often that my patience pays off so well, but Friday I was watching this oversold mess of a market all day and specifically watching financials. Eric has always been a fan of WFC, so what the heck...WFC long at $9.50 bought at 1415hrs and held for an hour. Sold for a buck profit. There were other banks that would have worked nearly as well, such as BBT or ASBC, etc. This seemed like a low risk entry and my only hesitation was that it was Friday and options expiry when strange things happen.
I'm not too keen on WFC medium or long term, but Friday looked like a mini-washout day. This could fly from here, but I would not be long any banks without upside confirmation on Monday AM, and I would mitigate any risk by trading only fundamentally sound financials like BBT or MS or GS.
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