I would get out of WBS now, for the time being, unless you are long. Nothing wrong with long. I'm holding 3000 shares long for a while now. It has been my experience that what goes up, must come down. I think WBS is worth the price now, but there has been a significant run up of around $6 in the last few weeks. That's to much to fast. The DOW is also hitting new highs. What happens when he hit highs, we usually have a pull back, sometimes large, sometimes a little, but either way, I would take my profits. Just my thoughts in tomorrow (if not to late) or in the next couple of days, let it drop, and buy back in at a lower rate and try to make some additional money. Remember, the market goes both directions folks. As is the norm, this is just speculation and a guess, so don't take my information. I personally think we'll see WBS do well, going forward, but it's been on such a high the last few weeks, it might be time for a pull back possibly on the misfortunes of some other banks next week. Aside from being in on WBS, if you have enough liquid, C might be a good bet too. THey are cheaper, more shares can be bought, and in short, you can get more bang for your buck. I have been trading it (to the best of my ability for a non professional average Joe). If you don't, and decide to stick with WBS, hey, I think this is a great move too....just my thoughts. Good luck to all.
No, you are a hundred percent correct. I see $30 in the future as well. I wouldn't be surprised to see it as early as the middle or end of the year. Another announcement, likely on a later earnings report, that another installment of TARP is being paid off, well, this will push it even farther. There literally is no bad news on the near front other than jobs, for the most part. That is why I mentioned that WBS is a GREAT long term investment. I have 3000 shares long, and will hold them. On the other hand, I picked up a thousand shares yesterday, and sold them this morning, pocketing over around a thousand dollars. Im just saying, we are on a monster bull run due to great earnings. Don't be surprised if Goldman Sachs or Bank of America miss their EPS, or even Citi, and the market reacts violently downwards, just so they can sell off and everyone can get back in at a lower price. My point is, don't buy into the hype, sell into the hype, if you are lucky to be in a good position to do so. I'll probably wait about a 4-5 days, or at least a week to buy back in on the "trading" shares.
I also want to say, congrats to all you long term holders and short term holders who were able to capitalize today. It's nice to see this bank finally getting back on its feet.
I'm long this too but I think the advice above is good, sell some shares ( take your gain ) but hold some and sell calls off of them, Remember one thing about WBS the CEO holds a million plus shares ( and prob alot more in different accounts) plus his wife and kids prob have a ton of them, so He'll do what's best for himself, which is pay a dividend and then, sell this for $30+ a year or two from now!!! In the immediate there's prob some good trades out there, like lance said, I've been buying C got in sub 5 and hoping it goes up to 5.50!!! and of course more!!! so GLTA hope we all make $$$$$$$$$$