Dude, I gave you your props for a good call, but you just can't stop crowing, and THAT'S why nobody likes you. The market may always be right, but that doesn't mean individual stocks don't get gamed. There are myriad ways to legitimately rig and work this flawed system, and I acknowledge their presence. If you are indeed a "professional trader," you must acknowledge them as well. I'm sitting on a fat mound of dry powder too, but I don't trust this market. I got my BX under $20. With the current partnership distribution level, my BX yield is well over 10% on my investment, so I'm sitting tight here. And if you truly wish people to take your seriously, you might avoid ending your posts with "BWAHahahahahaa," a quote from a Bullwinkle cartoon.
Over 15% in less than two months. That's complete and utter crapola. An uber-healthy company like BX doesn't fall like that in a legit market. THE CASINO IS OPEN! To "the professional trader," congrats, you made one good call to sell when BX was in the low 40's, now quit bloviating, we're all tired of you. This is among the many reasons why nobody likes you. BX will bounce back like a 1960's super ball, but probably not today with a broad sell-off underway in pre-market. Casino doors open in 13 minutes.
It's being played. This stock is a trader's darling. Hedge funds unloading, nothing anyone can do. When they finish, I'm looking for a big fat bounce.
Substantial oil related holdings, true. But when did they begin buying oil? At the current level. And no, I don't know where oil is going, but I'm willing to bet it's not going too much lower. I'm also willing to bet that BX will make a bundle on their oil-related holdings. The current swoon in BX share price has very little to do with the company's performance, and everything to do with players playing. As I stated at the start of this thread, THE CASINO IS OPEN!
THE CASINO IS OPEN! Once a trader's plaything, BX stock is back on the gaming table. After reading posts from buyers at 41 bucks happy about getting a great price, this is a hard lesson for them. I'm in under 20 bucks years ago, still holding and enjoying the yield but gnashing my teeth because normal blue chip stocks don't get played like this. BX is a hedge fund darling, and it they're unwinding, fuggetaboutit! When they finish, I expect a mother of a bounce, but until then, bite the bullet longs. Sucks to be us.
Nothing wrong with the company - they're doing a terrific job, and it was a solid quarter. But Wall Street won't like it, and there is bound to be an over-reaction. That over-reaction will be a big fat sell off. It's already happening in pre-market. Smart and nimble traders sold yesterday (and in the swoon we've seen over the past few weeks). If you're still holding, you can panic sell at the open, or wait for the color of the conference call, watch the action, and then decide to sell or keep holding. Long term, Blackstone is, has been, and will be a winner. Short term, the share price will probably get killed today.
And you thought you were getting a GREAT price at 39 and change...best to wait. This market is pretty messed up right now, with Greece and China completely screwy. Completely unpredictable, and a much bigger drop could easily be coming.
After building support for weeks above 42, I don't get it. I know world markets are churning, China and Greece are burning and our market has endured a nasty sell-off, but BX it getting pounded triply hard. Even though fundamentals support a share price well above 42 (or the 39 we're waking up to today) BX continues to be treated like an over-the-counter marijuana stock. I know nothing goes straight up, but the history for this stock continues: if it's not going up, it gets sold off like crazy. Traders still rule.
So "buy and hold" means "hold and get screwed." Don't you just love the modern day stock market?
#$%$???? Half a million shares dumped 5 minutes after opening bell, and we have yet another 2% dump in BX stock? This makes NO sense whatsoever. With fundamentals like BX, this should not happen, unless THE FIX IS IN. A couple years ago, this was the most manipulated stock on the NYSE. I see things haven't changed.
BX upward momentum is busted. And with a mo-mo stock like BX, driven by traders and players, busted mo means lots of selling and profit taking. We'll need a catalyst (earnings?) not only to move higher, but to keep from crashing further. Buckle up.
Okay, I'm keeping score, and that's a 10% pullback. Is it safe? Impossible to know - traders are STILL controlling the action here in the 40's, just like when the share price was in the teens. Most telling, BX is a mo-mo stock, and the trend is our friend. The mo-mo is decidedly down and down hard, so I'm holding on but expecting even more pain here is days to come. But a reversal, and a hard one, is over-due.
You are correct, this is complete BU))S#1T. Today's action is NO reflection of the company whatsoever, it's just players playing, and profit taking. Look for a big move up, again for no reason whatsoever, in the next 7 days.