This Bull
is Giving Up
Over the Summer I read an article about Overstock (NASDAQ
OSTK: $56.30) at ZeroHedge. I
learned more about the ICO space after visiting the Securities and
Exchange Commission web site and thought that Overstock
was on to something and appeared to be a first mover in the blockchain
technology space. In late August Overstock reported their quarterly
financials that were not that impressive and I didn't find the stock overvalued
to be a short pick nor did I think it was so cheap that it was attractive to be
a long pick. But after reading the Conference Call
transcript and hearing more about the ICO space, I thought it
would be a good idea for my subscribers to speculate on and I added it to
my August 25th Long
Idea List for subscribers and wrote in my note that I thought
shares could fetch over $100 if it could get caught up into the ICO euphoria.
Well within 3 months the shares have skyrocketed up nearly $37.00 for a 188% gain.
This past week on the World Wide Web, specifically Twitter, Overstock has erupted into a Bull/Bear battle. I avoid battle ground stocks and have decided to remove OSTK from my buy list and suggest my subscribers take profits and that I will no longer be covering this ticker.
I may be very wrong and the shares may go to $100+, but I would rather be conservative and safe, it would be horrible if the shares returned to the teens and subscribers end up not making a dime.
The company does not have that many shares outstanding and with a large short interest the shares can really fly but I would rather stick to fundamentals and avoid this hot story.
Check out this chart from StockCharts.com for OSTK
Well within 3 months the shares have skyrocketed up nearly $37.00 for a 188% gain.
This past week on the World Wide Web, specifically Twitter, Overstock has erupted into a Bull/Bear battle. I avoid battle ground stocks and have decided to remove OSTK from my buy list and suggest my subscribers take profits and that I will no longer be covering this ticker.
I may be very wrong and the shares may go to $100+, but I would rather be conservative and safe, it would be horrible if the shares returned to the teens and subscribers end up not making a dime.
The company does not have that many shares outstanding and with a large short interest the shares can really fly but I would rather stick to fundamentals and avoid this hot story.
Check out this chart from StockCharts.com for OSTK
Congrats to Cohodes on strong $OSTK call at Grants' conference. Citron is cautious at these prices. Would wait for more details on ICO which seem to be too ambitious in current ICO environment. It has now gone to black box investing. Good read https://t.co/Ydk5u1VSlI— Citron Research (@CitronResearch) November 10, 2017
