I think there is a good chance that the stock will slip back as we head nervously towards the earnings date. So I sold out this morning and took my gains. Will wait for a better price. The only open position I have right now in my trading portfolio is SDS because of the whole sell in May thing and cause we seem to be at the top of trading range. Opinions?
If we keep divi and miss a bit but have at least an stable outlook than CSE will jump $2-3 points right away. But its interesting to see how many new loans they racked up during the first Q 2008 which they indicated to be strong business activity as result of the sector competitors pulling back....hope we see some light of that statement!
I am with you...I did sell yesterday actually, maybe a day early, but wanted to protect my gains (my cost base was 13, 9, 8). I believe the stock will retrace to the $ 12 / $ 13 range, and then head toward $ 20. I am ready to jump back in, if I see strength returning.
I see what you guys are saying, but I just think there is a lot of overhead resistance and I didn't like the way it touched 15 the other day and then turned away. While the div is enticing, I think institutions will wait to see the earnings and if the div is really just a return of capital. Remember the 1st quarter was disastrous for a lot of financials. so that is my argument for why I beleive short term we may be headed somewhat lower. Long term I think the stock will be fine.
Its a crap shoot but I believe the price of the shares were depressed for general nervousness of the financial markets and the current price bounce has nothing to do with the earnings......however, I believe their earnings will be generally inline which will push them higher as the uncertainty of credit market effects would be lefted...even with a slight miss. Also, they will be announcing their divi before the announcement as usual which will push us higher if still at 60 cents.
Yeah, I know its a crap shoot, but with this market right now I don't want to let gains evaporate, and while I don't think we will see $10 again I think there might be a better buy in point. By the way I live in Maryland where CSE is headquartered aand am a CPA and I know they are looking to hire tax people as I suppose they are looking to take their tax function in house. which they wouldn't be doing if they are really hurting