Wednesday, August 31, 2016

Strange Day

Strange Day

Very weird day for my stocks.  All-in-all, it was not a great day, down about 50 basis points.  What was strange (or interesting) is that I had a great PM bounce on little news.

HRB was a total disaster post earnings. It was down over 10% (21.66)... which was better than mid day low (20.56).  I seem to own more than the normal share of these challenged companies as we have the disruption of the internet.

SJT was down almost 5%, which hurts as it is a large position. I guess natural gas prices were down. Oil  was down a lot as well.

SPCB was also down 4% as it seems more and more like a bad decision.  I keep thinking this should be a $6 to $7 stock, but until they "show me",  it will likely drift (currently at 3.29).

But there was good news, or I should say good action as well.

GNC was very strange. I had doubled my position on Monday as I convinced myself that they are a likely takeover candidate and even if they are not taken over, I think downside is limited (though I am sometimes wrong about that).  The stock was meandering all day,  up about 1% on normal volume  at 12:30.  Then it just shot up. A full dollar (5%) as 475,000 shares changed hands around 12:50.  It ended up 6% on 2.5x normal volume.

WLDN was a similar story. At 12:45 it was down a percentage point to 16.31.  Then it popped over the next hour to 17.07.  It continued going up and ended at 17.43.  This is all on 10x normal volume.

Oh well, we will see what tomorrow brings.

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