Was fortunate to sell my remaining shares the other day at $4.05. Will probably re-enter under $4.
BTW, has DHF been halted? I see there hasn't been a trade in nearly a half an hour.
It never falls. The moment my sell order filled(sold about an hour ago at $4.77) then the stock immediately starts to move. Oh well. A profit is still a profit. I'll probably re-enter if it falls back to $4.50.
Good luck to all.
re:"what are we up to, 10 law firms now, impressive."
That sounds about right.
A couple more lawsuits then they will be in Velti's league.
re:"Glad I bought some of those @3.13."
Wow, talk about timing! Nice.
Seeing how you were so good (or perhaps lucky) at getting in at the all time low, what price do you see this at in a week or two? Thanks and congrats.
Yes, the entire market did crash in 08 and many companies did not survive. That's probably the reason why CLM and CRF enacted their reverse split at the end of 08. (CLM's split was 1:4 and CRF 1:2.)
I can fully understand why they did it back then, but what I can't understand is their need to enact a split now? Especially after you consider how hot the Markets have been the last couple of years. It doesn't make sense. I'm just glad to see we are finally up for a change.
Take care catloraine.
Yep, it was on this day 7 years ago(10/15/07) that the baby of the group( CFP) was born.(Are there any posters still around from that time?) A quick check on CFP's opening price on that date shows the stock opened at $19.47. ( CFP hit its all-time high of $19.62 less than 24 hours later and then it was down hill from there.)
Oh, I almost forgot, today also marks another milestone in CFP's illustrious past. Today marks the lowest price in CFP's 7 years of trading.. $3.13.
( I get the feeling, however, it won't be the lowest for long.)
I guess that old wives tale of 7 years of bad luck for breaking a mirror is true after all.
re:"ok i shook the tree for 4K shares @ 3.22 today."
These funds travel in only one direction....the wrong direction. They are not meant to be held for any length of time. Odds are they will drop quite a bit more. It wouldn't surprise me if they all fall below 2 bucks before the split is enacted. If I were you, seeing how you are in the green over 300 bucks, I would seriously consider taking some profits while you still can. Good luck.
I'll probably average down when or if it does drop to that level. With the way the markets have been selling off lately, I don't feel comfortable with any of the alternatives. At least with these funds, we are still collecting a nice divy for the next couple of months.
Seeing how I have nearly 7k shares of CFP, (averaged at $4.22) I hope you will be right. I'm already taking a beating on ARR. These high-yielding divy stocks are killing me. Sigh. :(
Take care sigain.geo.
You are correct, the last split for this fund was at the end of 2008. According to the historical chart, the stock price for CLM just prior to the 1:4 split, was $1.68 on 12/22/2008. It opened the next day(12/23/08) at $6.43 and reached it's high of $15( $3.75 adj.split price) in August of 09. If you factor out the previous 1:4 split, you will see that CLM is actually now trading below the price it was at just prior to their previous split. Current price of $4.40 / 4 = $1.10.
Keep in mind, too, we just came out of one of the biggest bull markets in recent history. I predict this fund along with CRF will probably be trading below 2 bucks by the end of the year. CFP will be closer to a buck.
re:" In short, unless the overall stock market drops 80%, this isn't going to $1.00, or anything close."
Well, less than a week ago CFP was still trading in the $4 dollar range. Now we are a couple of dimes away from entering the $2 dollar range. If you think this can't fall to the dollar range in the next 2 months, then I would like to sell you some waterfront property in the state of Arizona.
You could be right. This proposed RS isn't plan to happen until the end of the year. Who is to say what the price will be at that time. At the rate these funds have been dropping it wouldn't surprise me if these funds are trading in the $1 range by the end of the year. Reverse splits are usually an act of desperation.
re:"So when does it stop, and when does it start to reverse?"
Great question. I wish I knew. I just can't understand why management has been so quiet during this free fall. Last time when they did a RO for CFP, the stock dropped (as expected) and management postponed it for a while. You would think they would have said something by now. What are they waiting for? The lower this drops the more shares they will have to issue.
"CLM, CRF,CFP petition the SEC to devalue themselves every year to offer MORE shares at a new, LOWER price, cut the dividend to match the dilution of stock value, and #$%$, again, year after year, EVERY year."
I just can't understand how management can sit by while these funds continue to drop day after day. It's not like they petitioned for CLM and CRF to do a big RO. According to their recent CLM filings, if I am reading it correctly, it looks like they were planning on issuing just a little over 175k shares at $5.71. Am I not reading this correctly? Someone correct me if I am wrong.
I can't believe the small amount of shares they want to issue is causing these funds to drop so much in price. Something else must be going on and I'm not referring to the chatter of interest rates going up either. None of the other REIT stocks that I follow and own(ARR) have dropped as badly as these funds have. If you look at the REIT sector for the last 3 weeks, you will find not one of those stocks have dropped as badly as ours have. In fact, most of them have recovered rather nicely over the last several weeks.
It's frustrating seeing our funds fall day after day. Management what do you have to say for yourself ?
You are killing us here.
re:"looking for a reasonable entry point for a trade.."
There are nearly 50k shares currently on the bid(1.70 x 1.71) and only 700 on the ask. It might be worth a shot to buy at the current price. GL.
Your bid of $1.55 is probably what stopped the free fall. I've been saying for a very long time (over two years now) the stocks in this sector(HIPP, MM and VELT) were to be viewed only as a short term trade. I was half tempted to buy the 2k shares that were sitting on $1.57 a few minutes ago, but got cold feet. See how fast this thing can bounce. I could have made a quick 300 bucks in a matter of minutes. Oh well. Good luck lottaluck. I think we are going to need a lot of luck trading this gem. :)
re:"sold and took profit at 1.95. so lonnng for now guys. moving on until I see a retest of 1.66"
Well played losermm ! That's the way to play these stocks. I will probably re-enter myself at around $1.66. Congrats once again. ....10/1/14
Well, here we are flirting with $1.66 once again. The question now is will $1.66 hold?