Indices are rocketing UP to making new all time high in DOW & multi year high in S&P 500 & Nasdaq.
S&P 500 @ 1540.59
Internals are positive by almost 3 to 1
Oil UP 59 cents
Gold UP $3.00
Canadian $ UP 3 tick @ 97.31
VIX Down 3.50% @ 13.52
Portfolio is BAC,BBRY,YHOO
Most stocks are UP
@ 1.58 following are red :
BBRY,JCP,LVS,LNKD,RVBD,FB,
ZNGA,BRCM,SPLK,AEM,SINA....
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
I just haven't had any kind of chance to enter that RDN/MTG trade at all--they've just skyrocketed higher. One of these days they'll have to pull back and that will be a good time to look more closely.
Stocktrader
Hi Stocktrader,
YES..they have been moving UP.....
Saleem
Hey Saleem,
Well, we just got the catalyst I was looking for--the secondary offering from MTG. From what I can preliminarily tell, the dilution could be over 100% including the convertible and/or the underwriter option (although the market was expecting this). The price action surrounding this might be the best opportunity to get in.
Stocktrader
Hi Stocktrader,
MTG is UP another 5.06% after dilution news?
Why would that be?
Saleem
Hey Saleem,
As I mentioned, people had been expecting the 100% dilution and maybe people were looking at that event for an entry and now all those people are also scrambling to buy?
I agree it is very strange to see this price action, but it does repair their balance sheet to a large degree, is *much* less dilutive than it would have been a week ago due to the 100%+ stock appreciation, and gives them the ability to go get high quality new business.
Stocktrader
Hi Stocktrader,
Thanks for your take on MTG.
It is UP 3% in AH now.
Saleem
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