A View From My Perch-Wells Fargo & Bank of America

Posted by UpsideTrader
on May 5th, 2011

WFC

BAC

The financials look very heavy here and as I mentioned in last night’s post they may give us an idea where it is they are heading soon. We have been long FAZ for a few days, but WFC and BAC jumped out as short setups if things get ugly.

$WFC is hanging on moving average support on the weekly and may get a bounce, but if it doesn’t I will get short. $BAC just looks horrible and could roll lower if it breaks that $12.15 level.

These are just some levels and ideas that I am watching. Good trading.

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