On March 5, I sent out a tweet that I was buying Wells Fargo (WFC) at $8.20. Nearly all of my portfolio is vested right now so I’m playing with a small cash position. I also happen to work for Wells Fargo. When the stock hit under $8 a share I knew it was way too cheap, despite the current state of the economy.

I bought 59 shares at $8.20 with an exit point of $16 within 6 months. Just 9 days later, I sold that position at $16.40 for a 100% gain. This is the motherlode of a trade. A double or triple on a stock trade doesn’t happen that often.

To be fair I sold 40 shares and removed my initial investment in dollar amount when the stock was at $13.50 and let the rest ride it out.

If you’ve read this blog for any amount of time, you understand my strategy is to buy into weakness and sell into strength. Sure, WFC may have a lot further to go but in the short term it’s had a huge run and I don’t want to be too greedy here. Since WFC isn’t breaking any new highs here, the momentum may not last. I’ll be looking to enter another position around $10-13 a share if it drops, otherwise I’m happy with the trade I made and can move on to other potential doubles, ideally.

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