The Ledge and Wells Fargo

Back in early October I asked people to talk me down from the Wells Fargo ledge. The stock was trading not far off its highs, and I couldn’t figure out why, given its exposure to broken housing markets, its light loan loss reserves, etc. it was being treated so lovingly by the markets. The comments on the post were surprisingly mixed.

How things change. Wells has tumbled since then, and my brief foray into a WFC put was closed out stupidly prematurely. Story of my life, as you can see by checking out how the WFC Feb 20 put has done since December: