In an amazing swing, Wells Fargo has swung to a loss for the first time in a decade. They cut their dividend as well.
This is a bad sign for the economy. As a major holding of Warren Buffett's Berkshire Hathaway, this disappointing slump bodes I'll for the state of the economy.
This is the week when big banks including Wells Fargo and JP Morgan Chase will report earnings, and if the earnings are negative it could set off a sell-off.
Keep your powder dry and get ready to buy some banks.
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