I almost took profits just a few minutes ago, then REALLY noticed the price/volume increase with NO real news, and thought about it. The hiring of the new exec is NOT that great of a catalyst to make the stock rise this much .... Almost every time I have seen this in other stock, news was later announced...positive news. So...could impending news be coming?..or is this shorts covering before the end of the year...or...hedgefunds/institutions buying for next year?? What are your thoughts?...Anyway, I am holding, to buy more on dips....just too much going on with the stock today.
GNW had a decent report last quarter. This stock has been way oversold. There are issues but the company is making money. Often times it is just a large MF, HF or IF taking positions which 'catches the eye' of others thinking there is something going on. It just feeds on itself.
Oversold or overbought, there is always opportunity. Today I think it has something to do with a new CEO appointment. The guy from JPM who turned down LM recently could be one of the finalists (this was reported by CNBC this morning). There is NO certainty with any company but the risk/reward with GNW favors the LONGS.