Traders tend to keep records of their trades and periodically look back at what worked, what didn't, and why. This article will revisit Wells Fargo (WFC - Get Report) in light of its secondary offering earlier this week, and the development of Wells Fargo's charts since then.
If you remember, we were short WFC from the high $29 area, and we ended up riding it down to the $26 swing point.That ended up being a nice trade.
So what now? Tuesday we saw WFC go against the tape, trading higher while the Financial Select Sector SPDR (XLF) exchange-traded fund and most other stocks in the sector traded lower. Is it time to buy or is there more room on the downside? Let's take a look.