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Prospect Capital Corporation Message Board

  • jadelover888888888 jadelover888888888 Nov 13, 2012 4:46 PM Flag

    PSEC was OVERSOLD today

    Even with the recent SPO of 35M shares, I believe PSEC was oversold today, dropping to as low as 10.22 and closed at 10.26 today, with its selling below its recent NAV of 10.88 and with its next ex-div date on 11/18, this massive selling (dumping) was indeed puzzling. It appears there must be a lot of people shorting it.....Or course, the overall REITs sector took a beating today....Many REITs such as MTGE, AAR, AGNC, NLY, PMT just tanked BIG time today.....

    I saw this coming after closing yesterday and was lucky to sell 2K shares at 10.61 yesterday (see my other message) and bought back 2K shares at 10.38 and 10.23 respectively today. Now my average cost for my 6K shares of PSEC is about 10.38. I only suffered a small loss at this time.

    Now I am running out of DRY powder and hopefully the market may bounce back this week....

    I am not worrying though because like I said I believe PSEC was oversold today.....

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    • I too sold (1/2 of my position) yesterday when it was up some and plan to hold the rest until it looks like a bottom is in. I'ts hard to tell when others will find this attractive again. Bad timing for the SPO but not really unexpected. Still. my loss is a bit more than yours as I moved out of MAIN when the divy went under 6%. Mine is in my IRA and I'm looking to add another 2 BDC's and REITs when the selling is done as I sold positions in the others the past few weeks. MAIN is still holding up, really wish I had held on to that one. Really want to re-enter a position on SDRL too. Held onto RNF and it's doing well. Well I did one thing right. But I can't figure out why at nearly 9% yield it hasn't tanked too.

      Sentiment: Hold

      • 1 Reply to qnbrbr
      • @qnbrbr
        I too have been waiting for a good entry point to buy more fsdrl. I am patient and there is a huge gap at $34.50 which is where my order has sat for a long time. No doubt that if the market crashes that order will be filled.

        Patience is the key as this market will come down as earnings are getting quite bad for many company's and there is a no growth economy built in for 2013. Cash is king right now.

    • PSEC isn't a REIT; it's a BDC.

    • nonameoilworker Nov 13, 2012 5:04 PM Flag

      Motley fool writes: Investors looking for a sustainable high-yield stock should look to Prospect Capital first. It's not every day you find a company paying an over 11% yield, is also financially strong, and is beating earnings estimates

      Sentiment: Buy

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