Market looks like it needs to correct a bit technically. Banking, in my opinion is one of the weaker sectors. mark-to-market needs to be done with and FASB needs to go back to honest accounting standards. toxic assets need to be removed from the balance sheets of the banks, over leveraging needs to be minimized, and securitization needs to be put on hold.
I'll be shorting WFC when the market corrects soon. As always, you cannot fight the market trend.
Does this mean you haven't yet shorted WFC with real money? How will you be able to determine a small market correction (like last week's 3% drop) from an actual bigger drop in the stock market? Let's say the markets are 9% off their highs, maybe that's just a small correction before we set new highs? Maybe we just keep going up into December like 1999? Maybe we have a crash such that you aren't offered any bids with which to short on the way down? Thoughts?
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