Just like it was in gold in December (I'm long) and natural gas in 2012 (I'm long). These idiots all pile on at the top and bottom. Draw your own conclusions. It's annoying to bottom fishers like me thought they had it but it will all come out fine.
I used WLT as a tax loss to offset gains in late December so I guess I will wait for a lower price from here. I kind of laugh at Wells this morning they dropped their target by $7-$8 on a $12 stock. There should have been a downgrades above $19 and upgrades down here but this is what WS does best. I guess WLT must have slipped under their radar the past $7 since November. I'm waiting for that $10 area again I guess we will get it after earnings on the 19th. I am staying disciplined until it gets there and I'm pretty sure more analysts will help it get there.
Yeah WFC joins GS this morning. I guess I will wait for $10 and buy again. Once again where were these guys a few months ago above $19? WS analysts are so behind the curve on price targets and ratings changes they had price ridiculous targets on most retailers and many of them are imploding. I would guess GS and WFC will be buying down here themselves near $10-$12.
they are downgrading so their buddies buy in low and then it will take off. February this going to soar as Chinese steel mills will start piling up again. This is just a hiccup to an already thriving global market. Just scaring ppl of to take their shares. BHP 19% increase in iron ore production...for the first half of 2014 is just a sign. Coal is needed to make this steel.
p.s...they said they might be wrong a couple of times in the report!
you guys do know that its Chinese new year on Jan 31...Steel mills are waiting to stockpile after the holidays....probably because they have their own financial problems! I am down 24% but still holding (and I will hold to zero)
Geeze... Not that this is news to you, as of last night, the WLT was down 24.8% as of last nights close. In the past 2 days, the Feb 12 P options were very active.
I read the Wells Fargo notes, they had some valid points but said twice in the research that they could be wrong. It is amazing the timing of this downgrade. Extremely disappointing.
HFtrader has been posting that WLT will be even with FCF when they release earnings. If by any chance this is true and they can announce some assets sales to shear up their balance sheet, then may some shorts will be scared out.
In the meantime, the moving averages are going against us. Thanks for the post and reassurance.