Tuesday, May 24, 2011

Yandex (YNDX) Up Almost 60%

Not a bad day for the Yandex (YNDX).  Up 57% after opening up around +40%.  Once it broke over the early day highs of $36, off it went for a new leg up.  So at this point all the valuation metrics I pointed out this morning, have to be increased by about 1.6x.   Or do what everyone else is doing and don't worry about valuation metrics and simply "buy buy buy".

As to the greater market, still not a fan of this action. Remaining cautious. Will be interesting to see if the normal end of month 'mark up' games ensue at the end of the week, especially with everyone who matters in the Hamptons Friday.

No position

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