I sold a batch of Blackstone Group (BX)eping-selling-half-of-blackstone.html"> yesterday, and am selling the majority of the remaining position (keeping only a holding stake) as daytraders rush into this group - the stock is up another 16% today to nearly $11.40 so I'm handing my position off to them here. One third of the stock's normal daily volume is already achieved in the first 70 minutes.
We can see daytraders jumping from group to group on a daily basis now, just like the good ole days - solar here, chinese small caps there, dry bulk shippers here, Las Vegas casinos there, restaurants over here, and now "alternative/private equity" of late. Fortress Investment Group (FIG) has nearly doubled in a few days, and Blackstone Group (BX) is getting some action as well, up from $8 to mid $11s in 4 sessions. This stock has treated us very well but I can clearly see this is just the "plaything of the day" - certainly if it's $11+ today it could be $20 in a few days if daytraders want it to be... but we have a nice profit and I want to lock it in. This far surpassed my mid term targets in a very short time - we are up in the 40% range. Long live under $10 stocks.
I will continue to buy this one on dips because this is yet another of the companies that will benefit from the taxpayers money being shuffled in all directions to "save the system". Earnings are next week but that's besides the point nowadays - it's all about traders finding a theme and pushing low priced stocks to the moon. I won't bother you with things like valuation and the like - immaterial nowadays.
The indexes are quiet today but you can see a lot of speculation below the surface - heck things are going so well our old friend Trina Solar (TSL) is even flying. Our old holding James River Coal (JRCC) is up nearly 25% as well. While we have a few profits here and there from the rampant speculation; the bigger idea that the stock market has become nothing more than a short term oriented casino is quite disheartening for someone who actually likes to be somewhat rigorous and analytical.
Long Blackstone Group in fund; no personal position
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