Cramer says so long to the bank stress test which won't be needed anymore now that Wells Fargo is changing the rules and proving that there is at least one good bank out there. Cramer identified JP Morgan Chase as another good bank which may be able to take over the better portions of weaker banks and sell bad segments to the Federal government. Wells Fargo reached a record $3 billion in earnings for the quarter with $100 billion in mortgages so far this year and a backlog of $100 billion. Cramer thinks Wells should be trading at an 11 or 12 multiple and should reach $26. Other proof that the tone of the markets is changing is in Textron's 50% rise and strong performances by Whirlpool, Fortune Brands and Black and Decker.
source: http://seekingalpha.com/article/128815-cramer-s-stop-trading-so-long-stress-test-4-9-09
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