My limit order at $17 hit so I am exiting 400 of 1300 shares. This reduces the position from 2.8% of fund to 1.9% - the stock is up from $14 to $17 in just a few days, I added quite a bit on Dec 23rd in the $14.80s [Dec 23: Bookkeeping: Adding to EZCORP] - so on that batch a tidy two week return of 15%. Trading opportunities in this market continue to be exquisite for swing traders. If we can get $18 I'd probably drop another 1% stake, and hopefully rebuy near $15.
For this one I cannot thank Obama, but instead his predecessor ;)As you can probably notice in times like this I like to rotate money out of things running hot and heavy and buy merchandise with good charts but falling/correcting/consolidating.
What a busy day!
Disclaimer: for newer readers, I am apolitical - both parties are doing an excellent job of ruining the country with equal measure. Hence I make facetious and or satirical comments about both sides.
Long EZCORP in fund; no personal position
5 comments:
you got your 15 before 18, adding? whats make it shoot down 10%
Not particularly interested in buying much since this market is so overbought and Friday employment report will send market spinning one way or the other.
I added a bit back that I sold but not too much.
Mostly sitting in cash and waiting for Friday.
These companies could be facing additional regulatory pressures under Obama/Biden. Here's a quote from their economy agenda@
http://change.gov/agenda/economy_agenda/
"Cap outlandish interest rates on payday loans and improve disclosure: Obama and Biden will extend a 36 percent interest cap to all Americans. They will require lenders to provide clear and simplified information about loan fees, payments and penalties, which is why they'll require lenders to provide this information during the application process."
Thanks Michael.
That's a nice thought, but how is 36% not outlandish? Good grief. Something more like 10-15% seems much more reasonable. Not that it will ever happen.
noasjio
in all fairness you would not make money in this business at 10-15% with the default rate
heck you'd be lucky to make money at 36%
some of these things have 40-70% default rates. Some people make 1 payment and run off, etc.
There would be no business plan at 10-15% - we are not talking prime credit or even 650 FICO scores... many of these are 450 type of FICO for a reason. They don't pay back. Just keep that in mind :)
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