This is a huge reversal day. WFMI is still in a long term downtrend although, it rallied to the upside a couple of days. People should be long for that short term trade to the upside and now short as this stock has turned the other way. Just look at the stock chart yourself or ask anyone who knows how to read it! More likely than not----WFMI will continue to go down.
In the previous two days, WFMI was quite bullish, settling in at 22.5+, outperforming the overall market over those two days. I had a distinct impression after yesterday's close that the stock was too high, meaning that it didn't quite make sense for a stock like this that has been in a steady bearish correction mode to be rebounding quite that much in two days even though the overall market was so strong. My sense is that the rise was partly bargain hunting compounded by technical momentum stuff, maybe including short covering. So I think today's action was nothing more than the unravelling of that, in otherwords, I think it is a technical issue and that there will be no news to be discovered which caused the big drop today. However, I also had the feeling that prior to the two-day rise that WFMI was finding it's bottom in the 20.5 to 21.5 range and I am thinking that it will not drop below 20. I am comfortable with holding it, but think it will probalby move largely sidewise for a while, but of course the next earnings report could change that (in either direction, but more likely up than down, IMO)..... BTG