I wouldn't touch CFC with a ten foot pole. The stock moved down 45% in TWO days! It was 46 at the high around 11 months ago. We were talking about the stock on the CSCO thread yesterday. So many have tried to pick bottoms in C, ETFC, CFC and so on. One guy bought the stock yesterday at 6.42, and was down 15% at the close. Down another chunk today. The bottom line is if you want to gamble it's possible to make a bunch if the company survives, but not for me. I would buy Dell for a quick trade as the market is due for a bounce, but this morning I bought EMC instead, although I'm already out. In this kind of market, I'm daytrading VERY short time periods on the long side at best. This was the first trade I've done in something like two weeks or more...
Regards,
John
PS - Other thing with CFC is that below five my understanding is some firms don't allow margin, so if it closes below that level (trading right at 5 now) there could be even more pain. Also, S & P can delist firms with market caps below 5B... Faber was on earlier this morning talking about their rapidly rising delinquency levels. With so many quality companies down 40% (like EMC), why bother.... Also, I'm guessing you saw the Goldman call for recession in 2008 this morning... |
