Wells Fargo Stock (WFC)

I added to $GLD, $TLT, $C, $MS, $WFC and $BAC. Position: Long GLD (M), TLT (L), C (M), MS (M), WFC (S), BAC (M)

I continue to view financials/banks as a benefit of market rotation (possibly away from technology). * Financials, on average, are about 25% off of their 52 week highs. * Valuations are now reasonable. * Major money center banks and brokers have spent massive amounts on technology – a lot of which is already “sunken costs. This …

Here are today’s things: * Added to financials longs: $BAC $50.64$C $121.97$MS $187.22$WFC $85.77 * Added to $DELL at $327.35 Position: Long DELL (S), BAC (M), C (M), MS (M), WFC (M)

On this afternoon’s weakness (and with S&P cash -57 handles), I have added to Dell ($DELL), Morgan Stanley ($MS), Citigroup ($C), Wells Fargo ($WFC) and Bank of America ($BAC). Position: Long DELL (S), MS (M), C (M), WFC (M), BAC (M)

If the technology sector continues to suffer, I would expect a rotation back into the financials (banks and brokers), a sector that has suffered mightily. Late last week I initiated long positions in $C, $BAC, $WFC, $GS and $MS. I plan to add more on any weakness. Position: Long C (M), BAC (M), WFC (M), …