Well for those of you who are long it was a great week with the market posting its best performance in a year. A word of caution though, the volume was very light and I don't think there was much conviction in the move. Next week second quarter earnings begin to roll in and that will be the major determinant of how stocks trade. Have a great weekend everybody!!!
I'm wondering if the local Denver media will be covering EEE's annual meeting next week? Indeed, where has The Denver Post been on this story. Since Stoner took the reigns of this company the stock price has gone from approximately $1.00 t0 $0.07. Seems like there's a story in that record of failure.
I have been very critical of EEE's management and I think with good reason. However, today I will offer a word of advice that could change my thinking about their competence. Specifically, the company should call off this reverse split nonsense and allow the shares to be delisted. By reversing the stock management will play right into the hands of shorts who have had a field day with this stock as long as I have owned it. After the reverse shorts will once again be aggressive and will be the only ones to make money. The theory for staying on NYSE Arca is completely bogus and stupid. If Stoner is serious about saving the company he should also get rid of all the dead wood that helped bring about the current disastrous state of affairs. Trying to be constructive here since I would like to recoup some of my losses, but by reversing the stock price management will assure that I have no chance of that.
Seems that the Federal Reserve is contemplating steps to prop up the economy if necessary. This is welcome news and could instill some confidence into the market. Let's see if there is any follow through today to yesterday's rally. If not, it could of been just a flash in the pan.
Amid the general gloom of recent weeks I have been posting some of the most dire of forecasts. In the interest of balance I thought I would post a bullish sentiment. Actually, this article makes lots of sense citing the fact that stock valuations are very moderate right now at about 11 times earnings versus an average of about 15.
I am becoming even more comfortable with my position in Mariner's Choice (Pinks-MCII). During the week the company has issued two very encouraging PR's. The first involved financial matters in which MCII reported a big increase in fiscal 2010 sales, and the second perhaps more significant development was the association with Wyndam Media Group, which in my opinion will assist the company substantially in its marketing efforts. Still pending is any news on the participation of MCII products in the Gulf oil spill clean up which could really send the shares soaring. This company has the right products at the right time and could be a real winner!
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