LONG WFC

bought 8.24; doubled at 8.20 and 8.00
sold 8.16; 8.20


reason for buying and selling:

• fas bounced from base of around 2.90, about to take out prior high at 3.06.
• spy already taken out 69.40 resistance with good volume.
• bought into wfc on low volume pullback by initially bidding at 8.20. Stock showing strength at around 8.25, so i bought a small position at 8.24 just to average down if possible..if not, i won't chase and just work with this small position.
• spy then pulled down as well to support from prior breakout at 69.40...wfc pulled back as well with lower volume initially..and bounced at 8.20 and took my bid with it (now i have double size).
• things didn't look good for spy and fas as they failed to bounce successfully at 69.40 for spy and fas failed to take out prior resistance at 3.06.
• wfc began to sell off with market in higher volume (huge red bar at 1:30 on 5 min)
• i sold half of my position on surge back at 8.16 with a small loss. (back to initial size)
• wfc continued down in heavy volume...at around 1:30 the market was back at prior suport at around 69ish...and i took quick action to bid double size at 8.00 to play a potential bounce again. (doubled position size).
• wfc kept wiggling around between 8.05 and 8.15 showing relative strength while spy, fas, and other banks gs, bac showed continued weakness and started going down trending...my stop would be around 8.00..
• man that was some pain to sat through as i learned from my trade from yesterday that I need the stock to confirm ITS weakness before getting out. And it means I need to start looking for exits as soon as I see any strength in wfc...
• main while the spy, fas were putting out wicks at the day's lows...the market was once again oversold..fas at 2.85..and spy at 69ish...i was once again looking for possbility of a bounce and to get out of wfc on any price surge.
• wfc continued to show relative strength...and i learned from experience that stocks showing relative strength to the market will bounce harder once the market starts bouncing..
• wfc finally bounced and i put a limit sell at 8.20 to get out in full position.
• out with profit net of comissions and prior small loss.