Fantastic report from the CEO..........however, due to this crappy market I took profits. Bought during the conference call and sold after. Still a great long term hold........I'll probably be kicking myself but a 12% gain is good enough for me. He said all bets are off regarding visibility for second half of 2009 but the first half looks good.
Good for you. Wish I wasn't still underwater here but I would have done the same. This thing will simply drift back into the mid-3's and you'll get a chance to reload. 12% is fantastic in this market. It truly is a trader's market where timing is everything!
Full Disclosure: I don't know WTF is going to happen.
Well, today I got lucky......I decided the smart thing to do was to listen to the live conference call......based upon the results I bought in before the heavies could call in their buys. However, some fund or group of funds (perhaps hedge funds) have been selling for many weeks. Big blocks, but also big blocks of buys. That is why this stock is so good for trading. Redemptions are still being made and new money sees this stock as way undervalued.....equals a day(s) traders dream.
I hope it keeps with the pattern.
I feel sorry for the many retired people or folks who planned on retiring soon and wish to invest in "safe dividend" stocks and funds.
Good luck to you.......this market is the worst I've ever seen in my lifetime and definitely will get worse for at least another two qtrs....and then will probably trade flat for 3-5 yrs......that is my guestimate.
The people in power, both political and financial, have allowed their insatiable greed to spoil this country......I saw this coming many years ago but people thought I was being too pessimistic. I often would ask the simple question.......how can people pay these mortgages that were to reset? I saw a home in Ojai, CA where the buyer had absolutely no business buying the house. It was a short sale.....the original buyer paid $1ml and it recently sold for $599K...There are lots of examples like that throughout California. However, it is going to get worse because now the more pricier loans.......options ARMS and Alt-A type loans are coming due within the next 3 yrs.