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.


At October 23, 2008, Anonymous Anonymous 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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