It was remarked during our Analyst meeting this morning that “bullish Wells Fargo” is a phrase that hasn’t been uttered within our digital walls in a long, long time.
But we’re looking to get more exposure to the banking sector, and $WFC is consolidating nicely after a fresh breakout last week. With all-time highs within bull market distance, we feel like we can get aggressive with this name for a run.
Implied volatility in $WFC call options is pretty tame here, so that affords us the luxury of going out six months to play the June options which will give us plenty of time to see if $WFC has the stuff.
Here’s a chart of $WFC to set the stage: [Read more…]
