NYSE:WFC WELLS FARGO & CO NEW
WFC has performed the strongest when compared to peers JPM , C, MS , GS , BAC since the beginning of 2015 and through most recent quarterly earnings reports. The turbulence in the SPY , QQQ , XLF and other major Indexes have led to massive shorting of Financials as people feared a top had been formed. The market has been very volatile going into the headlines of the last 2 weeks because uncertainty is causing concern. The most recent announcements in Greece have led myself to conclude that the uncertainty seems to be nearing an end. The reversal on the DXY and TLT today lends support to the thesis that "RISK ON" TRADE is now back in full force and the market should test DOW 18000 this week and SPX 2065. This entire trade is based on a strong market breakout being confirmed and further positive developments regarding a GREEK DEBT DEAL. This is the most important subject on the mind of the market right now. How the Greek debt deal will be structured and if Germany will rubber stamp its approval are key headline risks to watch for this week because it will dictate market direction. I believe that the debt swap idea will be well received by the ECB and the Germans and the EUR and OIL will start to rally on signs of future growth prospects returning.