Thursday, October 23, 2008

Don't Try To Pick The Bottom

When will I learn that it’s a fool, who tries to pick a bottom? Today, I tried my luck with Las Vegas Sands (Ticker: LVS) and picked up a few shares at $8.65. I was trying to do a buy write with this purchase, but I was unable to get the option price I wanted. I just didn't have a good feeling after the purchase and ended up selling at break even at ~ $8.68. The stock closed at $8.21. I would never have though that this stock can go this low, but it keeps going lower and lower.

On the arb front Foundry Systems (Ticker: FDRY) reported good results today. This should give confidence to arb players that this merger with Brocade (Ticker: BRCD) is on track to close shortly. Tomorrow is the shareholder vote by Foundry Systems shareholders. Hopefully, there will be some news after the vote regarding the status of the merger. I picked up some more Foundry Systems today.

1 Comments:

At October 23, 2008, Anonymous frugalchick said...

Wow, looks like you sold your shares just in time. Good luck on your other stocks. As for the bottom of the market, I don't think anyone can really predict when that will be.

 

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