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After reaching panic lows, touching $3.89 back on July 11, FRE has rebounded closing Wednesday at $6.49. That is a gain of 67% from those lows. Can FRE go higher? Is there a bullish trade to be made in this stock?
A long time trader, former market maker and personal mentor in my early trading years once told me "never buy a stock that costs less than a pizza." There is a reason why it costs so little and no trade is worth the risk.
That about sums it up and though FRE may have a bottom in place, that could be its historical lows, it also may not be. When Nortel hit $70 a share, there were advisories stating it was a great buy. That was before it reached half a buck at its lows.
We would stay far away from FRE until the crisis is over and share prices return to normalcy, wherever that is. That day may, or may never, happen.
Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.
Kollar's research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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