Bottom Fishing
May 19, 2010
– Comments (5)
I had sold off part of a mutual fund position early last week and decided to put some of the money back to work. Made a few small buys today. Not sure if I'm bottom fishing or catching falling knives - time will tell.
RIG - Down nearly a third from recent highs. PE of 6 on 2011 earnings estimates? I think the market has overreacted a bit.
GHM - Down 5% today on no news. Reports earnings on Friday - maybe someone knows something I don't, but I think this should trade closer to 20 than 16.
EBIX - Cheap growth stock that's been getting cheaper. PE of 13, growing sales at 30%? Is this a steal or am I missing something?
Missed the low points, but all are up slightly from my buy points. Didn't load up on any of them, but looked like a good time to pick up a few shares from the sale bin.
All three are a little outside my normal comfort zone of stodgy, slow-growth dividend payers.
Given my usual skill with timing, what this really means is you should short all of these and look to cover or reevaluate in about a week or two. :)
Anyone else doing anything other than diving for cover?
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