Always, ALWAYS comes down, especially if it's BX stock! In its 5 year history, (with the exception of the past 8 months) this stock has never, ever held on to any gain of any kind. Now those gains look iffy, especially with an over-bought, toppy broader market. Carolyn Novice has a fine grasp on the macro-picture. BX is a trader's stock. Never forget it.
So what do you think? Nice recover so far for today. I bought a bunch of calls this morning for a trade. It was hard not to go into a panic sell mode when it hit 20.10 Trading BX has lowered the cost basis of my core position by a substantial amount.
So back on 5/23 you posted "Today I bought back the shares I sold at 23 a few weeks ago. Got them for 21.40 at today's open, and that's a 7% scalp". So BX was a table pounding long 2 weeks ago and now you are saying its a sell at $21.05....
No, I'm not saying sell at 21.05. I believe in BX long term, and still hold those shares. I'm saying this market is over-bought, and BX is extremely toppy, even here at 21.05. You can't fight city hall, and if this market has a macro-meltdown, which appears EXTREMELY possible at this point, BX will drop like a stone with it. And BX is a streaky, trader-driven stock. It's risen harder and faster than the broader market this year, and will drop just as hard and fast. Count on it. Listen to Carolyn.
Yes, thank-you for underscoring my point by posting a chart covering the past eight months, featuring BX's meteoric rise. But pull up a 5-year chart and notice 1. How far below the IPO price we are, and 2. How the share price has followed every significant rise with a fall over 5 years. The last 8 months have been great, but the broader market is over-bought and if it dumps, you can bet BX will dump just as hard and probably harder.