@ryantrule pointed out this morning that he thought WFC 50c 3/25 looked good. Well I agree after spending sometime on TradingView.
I have had mixed results trading based on these types of signals I lost money trying to do this with FIS but made a HUGE stack doing this with FCX. When it works you can really rake it in.
I will probably go in pretty heavy on this one, I really like where it is after a couple dips below 40 on RSI.
It has a great catalyst with interest rate increases right on the horizon. It seems like a 0.25% increase is priced in but we could see the Fed go for a 0.50% which should kick this stock up.
I think I saw @ryantrule mention the $50 mar 25 call might be safer than the mar 18, since the rate hike announcement comes on the 15th or 16th, cutting pretty close to the mar 18 cutoff.
I plan to take a starter position on Monday, probably the mar 25 $50c
Picked up a few 4/14 50c today trying to average in but ended about 17% down on my position eod. Had a nice try in the afternoon but I think SPY had the last laugh on this today.
I just received CFPB notice that they will be releasing policy guidance today relating to the crackdown and consequences of of manipulation or suppression of consumer reviews of financial products, including credit cards and mortgages (the highest marketed financial products currently on the market). This is related to the FTC’s efforts to deter fake reviews and related fraud across digital economy, and this includes third party websites that include customer reviews and ratings. The guidance will address practices that are unlawful under the CFPAct, including contractual gag clauses, fake reviews, and review suppression or manipulation.
With Wells Fargo’s spotty history in consumer honesty, they may take a hit when the guidance is released due to sentiment alone - regardless of what their current policies and practices are.
This was the most recent news I could find that may explain this slow, torturous slide down…inflation worry sending banks into a holding pattern/downward slide til earnings report. WFC is 4/14, so not looking too hot for the 4/14 52.5s I’m holding. May will hopefully be a different story, but it kind of seems the reality of the world news is kind of setting in on the market the last week or two…