After posting an obnoxiously huge loss, Wachovia rallied 27% yesterday. This was after recovering from a 10% loss in early trading.
Early this morning, Wachovia was up again by as much as $2 per share. It has since given back some of its gains.
In just seven days, the fourth largest bank in the United States went from a low of $7.80 per share to a high of $19.53 per share.
I think now is a good time to take some money out of financials and look for the next green pasture.
A couple of ideas: this morning EMC is up after posting a nice quarter. The move is even more impressive when you consider that VMW is down nearly 10%. EMC is one of the first technology companies that has posted a seemingly impressive quarter.
GE, a bargain hunters paradise. The stock is coming back from a multi-multi-year low. It's a name everyone loves to love. People late to the party might start a new party in this stock.
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