Jiesen tries to take over the world

[jiesen]

FRGB is up some at 10:06 EST. Last sale was $72.97. So the market maker moved the ask up to $73.97. That figure marks the neckline. What should happen is that $74. is touched and rejected.

NBB,

I think you've practically called the bottom there at 71.99. Your crystal ball may need some adjustment!

[New-born baby]

Today's action

FRGB is up some at 10:06 EST. Last sale was $72.97. So the market maker moved the ask up to $73.97. That figure marks the neckline. What should happen is that $74. is touched and rejected.

[New-born baby]

Sure it is

I posted this on the FRGB thread....

http://img397.imageshack.us/img397/3269/frgb3rd.png

I realize my TA is not up to "Spike" standards but I think a quick 61.8% retracement of a fundamentally sound stock is worth noting.

Sure it is. Now the question: is that the only indicator you want to jump in?
You could look for an intraday pattern too. But let's check the chart out to see what else we might find:



I wish you the very best. I am too scared to buy this one.

[Lyehopper]

Frgb

recover from what? FRGB is doing just fine. Just because the price drops doesn't mean FRGB is doing any worse right now. It just means investors are scared, because all they see right now are the housing bubble headlines. This will pass soon, and people will move on to new things to worry about.

Sure, there are probably plenty of banks which will do better, but I am sticking to my limited circle of competence in stocks I've done enough DD to buy.

I posted this on the FRGB thread....

http://img397.imageshack.us/img397/3269/frgb3rd.png

I realize my TA is not up to "Spike" standards but I think a quick 61.8% retracement of a fundamentally sound stock is worth noting.

[jiesen]

it is great news! However, whether current investors in MRK will see profits from this breakthrough is debatable. The recent verdict against MRK forced me to sell my position, since I can no longer ignore the possibility that the lawyers will be able to eat MRK's lunch, including profits from this miracle cure or any other MRK is able to come up with in the future.

It's still a good shot that MRK will come through ok, but not enough for me to invest at this price. I wouldn't be shorting it here either, though. What if MRK actually wins one of these cases?

[New-born baby]

Mrk

Jiesen--
You know such things:
MRKs chart is awful. Calls for a real shot; I am thinking of shorting this dog into oblivion. BUT today I hear MRK has found a drug for cervical cancer. According to the report, all cervical cancer is produced by a virus transmitted by the male to the woman. MRK says they have had a 100% cure rate in treating this virus. Stock is up .23 today. Not great new, apparently.

What does our FA and Drug stock and Bottom Fishing expert say?

Jiesen,
Did you catch the action today with MRK? I almost shorted it when it was up 58 cents. Held off. Then at the close, things got quite bloody. Look:

[New-born baby]

Ultra Fantastic

with great numbers out today, and a near 10% dive, (20% off the $$MM price!) I figure FRGB is too good a deal to pass up right now. So I bought an additional ~1% position in FRGB at $73.

Read the FRGB financials posted today- they're fantastic!

Read the financials of HOV, TOL and KBH. They are fantastic, too. But I've been burned enough times to try to wait until I see a bottom on the chart. Double bottom. STO crossover at the 20 line.

OH NO! I FORGOT! YOU'RE A FA GUY!

Jiesen, I wish you the very best. You are a great guy, and a great bottom fisherman while on the clock

[jiesen]

recover from what? FRGB is doing just fine. Just because the price drops doesn't mean FRGB is doing any worse right now. It just means investors are scared, because all they see right now are the housing bubble headlines. This will pass soon, and people will move on to new things to worry about.

Sure, there are probably plenty of banks which will do better, but I am sticking to my limited circle of competence in stocks I've done enough DD to buy.

[billyjoe]

Jiesen,
Sorry to bother you during another work break, but when this whole interest rate thing sorts out don't you see some other banking groups that will recover before FRGB and commercial real estate lenders?

billyjoe

[jiesen]

You're right , Jiesen, however, fear of the future California real estate market must be strangling FRGB. Any other explanation?

billyjoe

I agree, however fear=opportunity. FRGB will breathe again soon.

[billyjoe]

You're right , Jiesen, however, fear of the future California real estate market must be strangling FRGB. Any other explanation?

billyjoe

[jiesen]

bought FRGB

with great numbers out today, and a near 10% dive, (20% off the $$MM price!) I figure FRGB is too good a deal to pass up right now. So I bought an additional ~1% position in FRGB at $73.

Read the FRGB financials posted today- they're fantastic!

[jiesen]

Getting as much as he did out of shorting this beast:

http://finance.yahoo.com/q/bc?s=TM&t=3m&l=on&z=m&q=l&c=

was a miracle. Many other shorts lay along this road dazed and confused at what just hit them.

[dmk112]

Covered at $87.60.

Hey that's not $2! Good going...

[jiesen]

You know that if the fed says it, it must be true!

I'm REALLY liking my FNM puts now:

http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh19842_2005-10-04_21-54-54_wat004110_newsml