Nice move up today on strong volume. Particularly impressive given the weakness in other SOX issues. Also closed near the day's high.
Regarding your post: Interesting response. I only take exception to one point:
>>This is all to say I don't see any reason why CYMI should test its 52-wk low --- considering the worst of the Asian economic slow-down is behind us. <<
It's still too early to tell if the worst of the asian crisis is behind us. If it is, I agree that there is no reason for CYMI to re-enter the 15s, barring a market meltdown for other reasons. If the asian uncertainty continues, I think today's move was an abberation. As I recall, I think CYMI bounced strongly somewhere in the high teens last winter before finally bottoming out. I believe that the market correction has not run its course, so I would be surprised to see any significant CYMI follow-through. If CYMI confirms today's move next week, I'm probably a buyer.
Having said all that, I'm still not convinced that we won't re-enter the 15s sometime in June or July. Continued CYMI uptick volume or a stabilized market would change my mind.
In any event, it appears that we agree on the long-term fundamental value of CYMI. In three years, I'm hoping that we don't care whether we bought at 15, 20 or 25, as long as we bought.
RK |
