|
Short term update. SFE $58 3/8. Acting well since the Aug. 13 th. buy signal. Still only 1/2 way to being overbought. SFE should be up closer to $4 today, with ICGE being up $8, for the premium over NAV to remain constant. Overall market has has rallied strongly for the last 11 days, and is getting overbought. SFEs 50 day m/a is at $57, and 200 day m/a is around $62. There is a descending trend-line going back a few months, that has capped each rally at progressively lower levels, and it comes in around $60. It looks like SFE is having trouble getting through this cluster of resistance areas between $57 and $62. If ICGE should hold its gains or even add to them, SFE might make it through. For now, still holding from the buy signal at $51. [Am a little surprised, happily so, that ICGE is trading over $50 at this stage, a $6+Billion mkt cap.]. ICGE, for the reasons mentioned previously should continue to determine the general direction of SFE-the tail wagging the dog. Mike |
