Chasing is the right word for this column. I have been following Wells Fargo (NYSE: WFC) for several years, I own the shares, having bought on dips and I have several accounts at the bank, but the recent chart on this stock is quite strange indeed. It was only last week I posted Chasing Value: Wells Fargo is getting weird when it was around $25 a share, but that was up from $21 a few days earlier and now it is trading about $32.50.The stock has traded under $20 and over $36 intraday, but not the same day. How can something trade so wildly unless there is rampant speculation. Warren Buffett owns the stock and has been buying more. Ken Heebner has been buying the stock lately too.
These guys are not day traders and I'm not either. Perhaps some segment of the market just cannot give up the profits on the high end and the volatility momentum has made it a good trade for Wall Streeters. I have been patient and buying on dips although not getting the steals I could have.
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