Bought the high at 9.42 and still holding . Worst part is I knew it was against the rules of my method but I went out on a limb anyway. Guess I'll pay for that in the coming days. Stop at 5.99, maybe volume will come back.
Its funny that the other guys stop loss is about where my buy is if it keeps dropping. Here is a good read for you. My favorite part of the article.... http://www.forbes.com/sites/christo...n-found-a-port-in-the-storm/?partner=yahootix In December Fredriksen announced that he would personally bail out Frontline, pledging $500 million of his own cash to cover losses. âItâs not something we wanted to do, but something we had to do,â says Fredriksen. A lot of his competitors didnât have that option: Its nice to have the 75th richest man in the world not let your stock fail.
The article also mentions that FRO was effectively split in 2 and the one you are advocating people to purchase is the one with the outdated ships that will probably go belly up soon.
FRO has had 2 spin offs in the last 10 years and each time FRO shareholders got part of the new company. When FRO spun off ship finance they got .9905 shares of SFL. SFL is the company that they charter ships from, so even when FRO is paying out money, they are actually paying themselves. When they spun off their dry bulk, Golden Ocean (GDOFC.pk) they got 3 shares for every share of FRO they owned. FRO 2012 is getting 10 of the newer ships, but they still have 40 ships and most of those ships are not that old and built this decade so I would really call them "outdated" Also the new company is taking on alot of FRO's debt. Anyway, if FRO went belly up, that would mean SFL would go belly up too because almost all their tankers are chartered with FRO. I dont think Fredriksen is willing to let his whole empire crumble away like that without a fight. He owns about 1/3 of all shares in FRO and the other companies.