I cashed in my chips on SWS yesterday at 46, I hope for those remaining, the stock works higher.
My reasons - Dick Bove at Ray Jay downgraded the stock last week, saying this is about what the company is worth (or something to that effect). Also, I feel there is a degree of uncertainty about what Bear Stearns will actually do.
Additionally, I felt like I didn't want to tempt fate. Traded SWS in early '99, bought @ 29, sold @ 40 (although it worked much higher). Then, in early '00, bought @ 26 3/4, sold @ 46. The holding period in both instances was about 3 months. This has been a feel good, dream stock for me. Wish they were all this easy - although a negative point about dealing with SWS is, the way I described the trading in SWS to a friend, is that it is about as thin as Coors Light!
Good luck to all! |
