Ever since the contraction of consumer credit started to flat-line I had WFC (Wells Fargo) on my radar. They are one of the best, if not the best, to take advantage of a large yield curve as consumer credit expands.
I was waiting for one of these negative-Nancies to downgrade the stock or do something that would cause it to decline. Today, my wait has been answered. I hold Mr Whalen's opinion in very low regard, as I find him to be more of a sensationalist and media whore instead of an analyst. Obviously he makes a very real negative point, and something to keep in mind. I just think the macro-economic trend is in WFC's favor, and will overshadow these negatives.
Now is a good initial entry point. If it breaks this support, I will double up at the 62SMA.