Personal Finance Update - Reversing BUY back to SELL on LINE
Basically, LINE has become far too volatile for PF, with heavy short selling and SEC investigation, to take risks in their income portfolio, so they are now urging outright sale of LINE till the situation stabilizes. Unsaid is the probability they will restore a BUY recommendation for their Income Portfolio when the situation is resolved and the dividend is essentially retained.
In my own account, I covered my open position with calls, reducing my cost, when the stock was near its high for the day. The selloff at the close was probably largely due to short sellers coming back in. By tomorrow, I may be doing the unthinkable, day-trading my calls by covering them again.
Long term, I am still very bullish on LINE, as their management has proven over the years to be very competent in building LINE into one of the smartest managed of the mid-sized oil companies.