Hey, it's Kramer, and this is my morning take on the market from today's CBC Investing Club morning meeting.

Now, looking at the market today, or higher, getting more overbought according to the oscillator.

Yes, and we have to worry about that.

But you and I were talking about a new way to look at the oscillator is actually an old way I spent at my hedge fund,

where we started thinking it was not symmetrical, that you could go to 7% on the upside

and not start selling until then versus being buying at minus 5. It's not symmetrical.

Yeah, I think that when you get more oversold, you tend to get short covering, which is why you might see more of a, just to use the shape of V in terms of a bounce, a little bounce there. But overbought, maybe it's more chop, more pause, not necessarily a straight free fall down.

Right, and we mention this because you know we have that affiliation with the oscillator, and I think people get it. It's been so great for me over many, many years and it is plus five. So normally I'd be a little more concerned. Now in plus five, you start getting some anomalies. For instance, Wells Fargo today opens up big and trades down, the conference call going on now, and then I think it can go back up.

But people are saying, okay, look, let's distinguish between different sectors. Banks are bad.

Other than JP Morgan, banks are bad. We're back into that logic. We have a good story from United Health,

but only because it's down so much. So health care's okay.

Relief rally. Yes, it's relief rally. Yeah, but the Wells quarter was good. Dollar 25,

nice earnings beat, efficiency ratio better than expected. What moved the stock higher initially?

Well, you had net interest income beat. They've revised their full year target to up 14% from 22 levels.

Prior guidance was 10% repurchased $4 billion worth of stock.

I think that's way more than what anyone anticipated.

At a $40 basis.

Yep.

So good trade there with the stock.

I think Charlie's back.

I've been waiting for this to happen.

Charlie Sharp, I've known him for 20 years.

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