Lo Wells Fargo

Well sometimes you just have to smile. I posted a guide to the first quarter earnings season yesterday and I specifically mentioned financial firms, as well as the lack of pre-announcements. Enter:Wells Fargo. They have pre-announced this morning that they had a record first quarter in terms of profits. Said with modesty: “You don’t have to clap.” Heh, heh.

Not surprisingly S&P 500 futures are suggesting that the stock markets will open much higher today. And so earnings season begins.