One more exit signal tonight, bringing us up to 8 for the week, and if you’re keeping score at home so far they’ve been for -0.5%, -1.9%, +2.7%, +2.9%, -1.3%, +2.8%, +5.0%.
$WFC is another one with a small profit that closed through its trailing stop today. You may recall we had already seen it close below its 50-day MA two weeks ago only to recover as it had done previously, but it wasn’t able to withstand getting caught up in this week’s market decline, gapping below that previous low this morning and failing to sustain any subsequent attempts at recovery. It also coincides with a 20/50 MA cross, and marks the third consecutive weekly close below its 10-week MA. That’s enough for us to step aside.
Long $WFC 5/23 +0.9%