- A fickle market that is reversal prone. Do not remember who said that but it certainly describes this market. Traders continue to buy the dips and sell rallies. That makes for a range-bound market.
- Shares of Steel Industries (IIIN) have rallied about 5% in the past two days. This morning Third Avenue funds, a highly respected value buyer, filed a 13-D form with the SEC indicating they owned about 6.2% or 1 million shares of IIIN. This form is required by any entity acquiring more than 5% of the stock of any company. This is a nice vote of confidence. Steel Industries meets Third Avenue’s general requirements: a trailing PE of 4.10 and a forward PE under 8.
- PALM gave up all of its morning gain and is now red.
- Probably not going to do much today. Have put a few bids way under the market on the hopes that traders will want get out of Dodge early. Fridays before three day weekends tend to be trend-less with low volume.
- Again, should we close below S&P 820 (at 829 as I type) then we could go lower. And who knows what is going to happen over the weekend, especially with G-7 meetings going on.
Hoping you and yours have a wonderful weekend. Oh, and its Valentine’s Day tomorrow. You know what to do.
