Thursday, July 9, 2009

Update/What I've Been Looking to Buy

Interesting market today as a few items on my watch list were moving lower. I was tempted to pull the trigger on a few, and put some orders out there, but nothing filled.

-Natural Gas inventories came in lighter than expected, and this helped move UNG higher. Not adding to this unless it gets below 12.00

-I saw Todd Sullivan and Doug F/ bought some Saks (SKS), and considered some myself. This stock seems to be quite volatile as it has the uncommon pairing of low share price and average daily volume. Their same store sales came in better than expected, and Todd has done a nice job explaining their advantages over their peers. Check out his blog for more info on Saks.

-I had an order out at the end of the day to pick up more General Growth Properties (GGWPQ) but it didn't fill. Just picking away at small positions. This looks like it will take until next year to resolve, but will likely emerge from bankruptcy with some value for shareholders.

-American Railcar (ARII) is moving back toward 7.00, which is where I'd like to buy it. This is less than half of book value, and they're siting on 14.00/share in cash.

-RHI Entertainment (RHIE) is also moving lower, now below 2.50. Very cheap stock. I'd love to get it below 2.00 if I can, but may pull the trigger on a starting position tomorrow depending on what action we see.

The rest of my watch list consists of BNI, NWSA, NGAS, WMI, DO, DXO,

Disclosure: Long UNG, GGWPQ,

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