By Hedge Ly
I guess you could have fooled me, Wells Fargo posting a huge profit helped by the acquisition of Wachovia Bank. Wasn't the reason WB offered itself up was because of its toxic assets, so what has WFC done with them? A question i do not have the answer too. I look at pops like this as a great short in the AM. if you see a stock pop to a 20% gap at the open, short it. This is a very good market gap fade lesson, now i doubt WFC will close the gap today, but trust me it will eventually. On the macro side of things, the market is still overbought and i am still bearish.
Link to WFC article
Link to WFC article
Fading the gap article:
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