Fill Your Wells

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Is anyone else alarmed that Wells Fargo is up nearly 30% on "pre-earnings guidance?" The trouble, of course, with pre-earnings anything is that the devil is in the details. In keeping with our "it's all a farce" theme today, we cannot help but wonder after the market that hops on so thin a promise with such enthusiasm. Certainly, there are no signs of the sort of capitulation that we expect will be required to really see "the bottom." But, then, what do we know? We thought the First Analyst's call was folly, before we saw the wide-ranging array of information distorting programs and regulations that would be fired off in support of the upward charge.
But Wells really does frighten us, as does the desperation of the market to seize on such news with such gusto. Are we just curmudgeons unpatriotically decrying the inevitability of the great reflation?
Wells Fargo Shares Skyrocket on Earnings Pre-Announcement [Dividend.com]
Update: Minutes later, the Journal has it: Is All Really Well for Wells? [The Wall Street Journal]

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