WELLS FARGO EARNINGS SURPRISE SENDS MARKET SURGING – RSI LIKES THE US DOLLAR AND COMMODITIES April 9, 2009
Posted by Marlowe Cassetti in BCF, DBA, GCS, HIO, HTR, MOO, UUP.trackback
Today in the market, Thursday, April 09, 2009: Stocks surged Thursday to their highest levels in two months after banking giant Wells Fargo & Co. surprised the market with an early profit report that blew past analysts’ expectations thanks to a strong pickup in its lending business.
The Dow Jones industrial average jumped nearly 250 points and major market indexes logged their fifth straight week of gains. Markets are closed for Good Friday.
Investors have been grasping at any sign of improvement in the crippled banking industry, and Wells Fargo’s report Thursday that it expects first-quarter earnings of $3 billion provided an encouraging sign that a deep freeze in borrowing activity may finally be thawing. Wells Fargo said it benefited from its January acquisition of Wachovia and an increase in mortgage applications. (headline & commentary courtesy of Yahoo Finance)
ETF/CEF Medium Volatility:
- UUP – PowerShares DB US Dollar Index Bullish Fund
ETF/CEF High Volatility:
- BCF – BlackRock Real Asset Equity Trust
- DBA – PowerShares DB Multi-Sector Commodity Trust Agriculture Fund
- GCS – Scudder Global Commodities Stock Fund Inc.
- HIO – Western Asset High Income Opportunity Fund Inc.
- HTR – Helios Total Return Fund, Inc.
- MOO – Market Vectors Agribusiness
ETF/CEF Discussion: A great day in the market as investors piled into stocks as the shorts covered their bets. I’m particularly lucky to have exited my SRS position yesterday. Anyway, please peruse the lists of funds as potential buy candidates. FYI – I own MOO.
I’ll catch you tomorrow after the closing bell.
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