September 12, 2007
Stock Du Jour (NYT) & Random Observations
Good, solid buying from open to close — a trend day, meaning a profitable day for any day trader not spitting into the wind.
Notable New Highs: Juniper (JNPR), Baidu (BIDU), Procter & Gamble (PG), Celgene (CELG), Barrick (ABX), Wynn Resorts (WYNN), Nat’l Oilwell Varco (NOV), and the gold ETF (GLD).
(People write to ask why I ignore the other gold ETF, iShares COMEX Gold Trust (IAU), and the answer is: liquidity. IAU has an average daily volume of around 125,000 shares whereas GLD does over 6,000,000 shares. Trade count on IAU was 315 today, on GLD it was 9,602 — no comparison in trade-ability.)
Notable New Lows: New York Times (NYT), Korn Ferry (KFY), Harley Davidson (HOG), and King Pharma (KG).
I’ll feature a weekly chart of New York Times (NYT) along with its relative performance chart (/SPY). Long time readers may recall my post from almost exactly two years ago, All the News(paper) That’s Fit to Short. Every 60 days I renew my limit order to buy NYT at $12; I’m patient. ;-)
September 12th, 2007 at 12:18 pm
Celgene has taken off of late and has been a very strong performer even on the down market days that we have had. I don’t really understand what made the stock move so quick, but the volume is pretty good as well.
September 12th, 2007 at 1:13 pm
nice call dude
September 12th, 2007 at 3:01 pm
howard: Thanks, a pretty straightforward exercise in trend following combined with the fact that I haven’t bought a single copy of the NYT (or International Herald Tribune here in China) for about five years. ;-)
September 14th, 2007 at 5:31 pm
Why limit buy at 12? Why not short two years ago when you picked it?
September 14th, 2007 at 10:43 pm
Rod: Buy to cover. ;-)
September 15th, 2007 at 3:58 am
Cool. But why 12? Why not 13 or 11?!