The technical signals of the online lender need to firm up before its stock becomes attractive from a technical viewpoint.
I'm now long BAC as well as JPM, GS and WFC.
Hope for a January Effect rally has gone unfulfilled as both big-cap and small-cap stocks take it on the chin.
The big bank's investment in technology and retaining talent dinged earnings but should pay off in the long run.
Is this a buying opportunity?
Newsletter advisors this year are focused on smaller niche plays in private equity, business development, credit, mortgages, money transfers and fintech.
Traders should be patient and not rush to a quick decision.
I do believe that WFC Fargo has a bright future, and a potentially brighter future than its competitors.
Overall, I'm resisting the urge to do much right now.
Beware of how much upside potential exists in those sectors before a possible pullback, and here's a tip for tech traders, too.