<<Curious as to your reads on FIG and HBAN. >>
My reads = none.
I shorted FIG couple months ago after it spiked up and ended with blow-off top. That is all my involvement with FIG - I did not bothered to read anything about it. Never heard about HBAN - sorry.
I know a lot about technology stocks, Cam/Amroys, ETFs, CEFs, BRICs, Container and Tanker Ships, coal, SASOL, etc.
Regarding banks I trade FAS and FAZ, using JPM as a leader stock. FAS/FAZ are both high risk with some special rules. Basically - not healthy to hold overnight as documented by the fact that BOTH OF THEN declined in value so much that they were forced just today to do reverse split. FAZ (bearish) 10 to 1 and FAS (bullish) 5 to 1
The guy wit the gig order at $9.75 got some 20,000 shares at the price and the rest for less. If the 9.50 are will not hold, I may move my buy orders just above $9 down to $8 area.
Indices just took dive because Laura Tyson said that there should be "Second Stimulus" very soon.... She said the the $787 billion approved in February was “a bit too small”
Let's beg Venezuela to buy some of our bonds and own some of the US heaven. Why do you think that Obama supports reinstatement of the Honduran dictator to be? And kissing up to that Venezuelan commie?
You still do not get it. "Manipulations" "Oversold" and other worthless crap. BX broke down yesterday simply because nobody is bidding up and buying the shares. Volume was heading down since May until yesterday - no buyers! Today's volume should be higher than yesterday because people are giving up and selling. If the volume stays light, it will be even worst because of lack of buyers who would be willing to spend $9.85 or so per share of BX. Then we would see even larger drop tomorrow. I will be buying 10,000 but that is only a little drop in the whole picture. We are waiting for the really big guys to decide that BX valuation is right. Do not forget - they are competing with each other as well, trying to get the best bang for the money and at the same time not to be left behind or forced to buy too high after it rebounds.
"Undervalued" - with the economy going to the pits BX may find itself "overvalued". India just joined Russia and China in suggesting that dollar should be dropped as a "world currency". This would mean that they will stop buying US bonds and we would be screwed. And the Dems. will rise taxes, justifying it by dangers of massive super-inflation. Value of every company on BX portfolio will drop, together with BX shares.
I do not like it - I still have a lot of AOD, GAB and EOS because their portfolios and teams are as good as BX. They hold OK for now, but I have Stop Loss in place for every single Stock I own, including those three.
"BX has pile of cash" - yes, but this cash is not working, not generating profits to be distributed to us stockholders. Why cash? Because BX managers are probably even more pessimistic than I am right now.
I am not bashing, this is simple today's reality. Today one has to be active managing one's portfolio, especially when seeing that all the Billions, even Trillions thrown into the economy are not having any effect. To hold shares that are falling is not something "heroic" or worthy respect; instead it is simply dumb.
I rest my case.
Around June 22 BX MACD failed to move to positive zone and instead started going down. This is extremely bearish. Especially because the Technical analysts at large shops raised caution flags. This morning BX broke under it's support. I sold all my shares and hope to get back in for less than $9/share.
I adjusted my Stop Loss orders for all my long shares; if S&P drops under a' 877, we will see 805 or so before the July is over.
We can thank to the Obamanomics and the Dem idiots who are destroying our future. We live under dictatorship of irresponsible president (who did not even proved that he is US citizen) and his tribesmen and ass kissers.
BX closed below it's support which is at $8.68
After the close some dingbat sold to him/herself 200 shares at $8.73 to make it look better.
The important thing is that S&P500 rebounded and closed above 877
Alcoa did OK; we will see in the morning. It is possible that BX is done with sell-off.
Depends if the high volume today (double of yesterdays' just as I predicted yesterday) was adequate to complete the blow-off.
But I do not think that we will see double digits for a while. No PPIP, but it would not have any immediate, short term impact on stock valuation anyway. Mortgage interest rates are going up and the dead-beats will not be allowed (I hope) to come back to the table.
Don't panic people. Don't let them steal your shares at these ridiculous prices. BX is best in breed, highly capitalized, NO DEBT, and going to be the leader in TALF if the governement ever gets off its fucxking asss and gets the program running. Huge profits coming from their purchases of distressed assets, 2nd quarter earnings will be excellent, and foreward guidance should be exceptionally positive.