by Travis Johnson, Stock Gumshoe | June 19, 2008 8:52 am
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Buying opportunity in CSE here? Being relatively new to stock investing, I’m unsure about the effect of the earnings report next week. In commodities, when a grain report or cattle-on-feed report is issued it can cause volatility in the respective commodity when the news is released. It usually affects tight stops more than anything else. I imagine it’s much the same with stocks. Unless the news is a totally unexpected shock, the market usullay stablizes within a few hours or days and goes about its business. Any comments would be appreciated.
CSE is a 1 for 5 positive. Chart is very sad. Take a peek here:
http://stockcharts.com/def/servlet/SC.pnf?c=cse,P
Trend has been down since June of 07. It gave the first buy signal at $12 but hit its head on the Bearish Resistance line at $12.50. Earnings due the 5th. Options available.
I was hoping that the recent bearish signal reversal might mean an imminent turn around, especially with banks moving to “favored”. What is your read on the strength of this kind of signal? While waiting for the follow through on the turn around, the dividend looks very attractive. Of course, if I get stopped out at 9.00 I wouldn’t be around to collect it. I am generally aware that you primarily invest in 4’s and 5’s. What bank stocks do you like? Some Canadian banks with no sub-prime exposure also look good to me (RY), (BNS), (NBD). What others do you see? Thanks.
Thanks very much.