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Rebound time

June 17th, 2008 · No Comments

Well, we expected some of our stocks to rebound, and that’s what they did. Healthy rebounds in TSL, DRYS, SIGM, and EFUT. 

Trina Solar boggled our minds, to be honest. So much so that we screamed buy in the head of a post when it dropped way below 40, something which we rarely do (you might have noticed).

We think that sell-off was totally unwarranted, and days after it happened, so does the market. However, from now, it will get a little trickier, as we’re approaching the former support level around $43. It might take a little to get trough that. And we also think oil prices need to hold.

DRYS is also staging a spectacular comeback just as we suggested it would only yesterday. We’re up 10% so far. Not bad.

SIGM. We argued we would be surprised if it goes below $15, it did go pretty near, but since we have something of a rebound.

We think $15 is the bottom, although we also think it will take time to restore confidence in this company, so we don’t think it will immediately shoot up. We might very well do another testing of the $15 support level.

EFUT has only bubbled up a little since we mentioned it yesterday, but since earnings are out next Monday, we expect this trend to continue at least until then. Earnings itself might very well give another impetus.