I originally alerted readers of the Sax Angle to a profitable trading opportunity on Wells Fargo stock. See Two new insider buys today piqued my interest for the details of that post. Since then we have nearly doubled our money on two options we purchased, the June 30 calls and the May 30 calls. Both options looked cheap and after today’s move in Wells Fargo, they look even cheaper. What we mean by that although the options are nearly twice the price, the chart of Wells Fargo is far more bullish than it was when we first invested. Needless to say, we did not sell and actually are buying more. We first noticed Wells Fargo after the new CFO picked up 10,000 shares following its recent earnings report. When we bought it the stock was oversold and the technical picture hadn’t set up so well. It now looks much stronger.
” HUD secretary says – latimes.com
Foreclosure settlement to come in a ‘matter of weeks,’ HUD secretary says Buy long dated calls (Leaps) in Wells Fargo. Expectations are very low. Insider buying, housing near bottom (mortgage prices near rent equivalent), and this headline make for very compelling upside. June 2, 2011 | 4:49 pm A settlement between a coalition of federal and state agencies and banks over foreclosure practices will come in a “matter of weeks,” Shaun Donovan, secretary of Housing and Urban Development, told the Los Angeles Times. Donovan.Donovan Donovan’s agency is involved in the negotiations with the banks, along with attorneys general from all … Read more