**Core Portfolio Trade Update**
Buy (Long) Wells Fargo (WFC) LIMIT 42.50 or lower
This has been a challenging week to say the least. I was stopped out of three positions in my core portfolio all longs.
JPM I was stopped out at 123. EWW stopped out at 42.75. And PXD (my best stop saved 10%!).
But now we have 1 long and 4 short positions. I’m adding Wells Fargo today mainly because I think the low rates will boost their market leading mortgage business, and they have the least exposure of the major banks to international capital markets.
Given the ridiculous difficulty in this tape right now, being slightly up .94% is a big win vs down 11%! There will be easy trades coming and I’m waiting to lean net long but it’s just not there yet. Trust me when the market bottoms there is plenty of opportunities to get long and we will!
Early next week will be very active for us so stay alert on my updates on Monday, and then you can expect the Monthly Market Edge later in the week.