WFC Wells Fargo Weekly Chart Rising Wedge Negative Divergence Earnings 10/12/12

WFC and JPM earnings are on deck for tomorrow morning. Here is the WFC weekly chart which has been topping out over the last month. The red rising wedge and negative divergence should create a continued spankdown. The earnings release, if happy news, can place price in the blue circle that will match the prior highs, if so, note the drastic weakness in the indicators, small blue lines, that should create negative divergence in the couple-three week time frame that will help spank price down after a bounce would occur, should it occur. There is no reason to own WFC.  The earnings release is only hours away. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.

Note Added 10/12/12 at 8:08 AM EST:  WFC earnings lay an egg beating by only a single penny, 0.88 cents versus 0.87 cents estimate.  The top line misses reporting 21.2 billion but the estimate was 21.5 billion.  WFC is trading at 34.30 on the news, down 90 cents from yesterday's close, -2.6%, takin' the pipe.