My favorite pick for a quick trade on the massive Fed bad debt bailout plan is Wachovia (WB) as the stock has traded with extreme volatility over the past three months and could easily double from my purchase price today of $10 per share this morning once legislators come to an agreement. If you believe legislators will reach an agreement soon on a bailout, this is a good trade as it will allow Wachovia to jettison bad mortgage debts associated with its Golden West purchase. Also, Wachovia was one of the biggest gainers last week during the Thursday intraday market meltdown through the following two-day relief rally.
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Mike Havrilla
previously rated WB
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$11.0099 (09/26/08)
