Everyone’s Thrilled About Wells Fargo’s Earnings

You must wonder sometimes how someone with a negative attitude (that would be me) toward current government and financial market shenanigans copes with still having long positions. It’s really simple. First, understand your job is managing risk first and secondly making people money. Next, have a sense of humor, drink heavily and use this blog as an outlet for unbridled rage. That about does it for me.

So, everyone’s thrilled about Wells Fargo’s (WFC) great earnings. How’d they do it? Well, they get a pile of taxpayer money, then hide all the crappy toxic waste courtesy of new accounting rules and, presto, the cooked books reflect brilliant management achievements and positive earnings. You don’t have to believe it, you have to play ball and accept the reality of the tape.

The standout data today remains continued low volume on this pre-holiday Thursday. We’ll see how they pick things up next week.

We had a good day being long. But, me? I’m just back from the hospital where I had some routine surgery and still feeling the effects of the sedative. So, no sense posting charts with weird lines today.

I may post something tomorrow and thanks for sending the emails regarding markets you’d like to see featured.

Have a great holiday weekend!

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