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Wells Fargo’s Rally

April 10, 2009 – 11:11 am
Our government, the banks and the Fed all have told us that if we didn’t spend billions if not trillions of dollars our entire economy will collapse.

It certainly seems that the rhetoric was not only over done but orchestrated to convince the public to support the massive spending. I am not a conspiracy theorist but it feels like the press, the politicians and the banking corporations oversold the dire news.

Was it bad and is it still a problem? Yes! Do we need to spend the huge amounts of money to save all the different companies we are saving? Probably not.

Be that as it may, Wells Fargo’s news was very pleasant, putting an underlying support level for stocks and providing a little faith in a free market economy. This is also a lesson that we should not believe everything we hear.

Good Trading
Steve Peasley

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