Even more than late action today, I'm hoping for a solid 1/4 move up on Friday.
In the interest of clarity, I should add that in my previous post I meant the bid/ask ratio, not the spread. Hey, at 1/32, the spread is favorable too.
BTW, just got a nice e-mail reply from Jeff Bronchick, the new buyside columnist for TheStreet.Com. His debut column was on MF end-of-year Window Dressing. Anyway, his email noted the following:
<<if you buy 5 companies in the last week of december that arent going bankrupt and are down 50% for the year, and hold them until Feb 15th, you tend to consistently make money..and one or 2 of the 5 can turn out to be a long term investment....puppies of the non-dow>>
Well, word from the company was that the cash position is sufficient, so no bankruptcy in the near-future. Fundamentals appear to be improving significantly. We're either geniuses or idiots.
Just about every trade has gone through at 1 1/32. They gave me some more a few minutes ago at that price though the bid didn't drop to 1 on high volume shortly thereafter, which is usually what happens.
And I believe someone just bought nearly 8000 at 1/16, unless I missed a quick tick or two. But quickly followed by another 3K sell and a 1K sell.
The mariachi band is playing on wall street and in my room via CNBC. A piece on internet investing is coming up after this commercial break.
Anybody else buying any today? I know from some e-mails that some of our stalwarts bought yesterday or were considering a bit more today.
Don't bet the ranch, farm, or townhouse.
Marc
Edit--they've given in. 1 by 1/32 now. Just too many little sells, along with a few blocks. |
