Wells Fargo (chart above) paints a similar picture to many of the other banks, massive massive rally compliments of the short covering crowd. I like where this rally has stalled out and want to bring your attention to the shooting star candle which formed yesterday on the daily chart. We have now broken the low of this bar, which is $29.86, therefore I am shorting 1 unit here of WFC at $29.80 with a stop at 31.22.
Bank America (chart above) has had one heck of a run, but you already know that from the breathless anchors on pompom TV. The meat of the rally looks to be in place and while it could creep higher, it looks tired. I am shorting 1 unit here at $32.60 with a stop at $32.32
Good speculating to you all and always remember that "an investor is a speculator who made a mistake and will not admit it".
Long 6 units Currencyshare Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 1 unit Ultrashort Dow DXD@ $50.12 stop $58.62
Long 4 units Currencyshares Swiss Franc ticker FXF @ $97.70 stop at $93.82
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at $42.87
Long 2 units Hecla Mining ticker HL @ $8.50 stop at $8.09
Long 2 units Ultrashort 20yr Treasury ticker TBT @ $67.85 stops at $69.24/68.32
Short 1 unit of Visa ticker V @ $86.25 stop at $75.43
Short 2 units of Netflix ticker NFLX @ $30.35 stop at $29.43
Short 1 unit Wells Fargo ticker WFC @ $29.90 stop at $31.22
Short 1 unit Bank America ticker BAC @ $32.70 stop at $34.32