The KBE has broken through its price triangle suggesting a new uptrend in the bank index. At first, I was considering buying into the KBE, WFC, BAC or WB and those would truly be great investments, but none of them have the potential to double or triple in the next 12 months. Indymac has that potential. Liquidity concerns are passed and I truly believe this will be a 12-15 dollar stock within 6-12 months. Right now IndyMac is where American Airlines was in 2003 with real concerns of going bankrupt. However, I believe that is passed us now. Indymac was at 40 dollars last year and now trading at 3. I actually met Mike Perry back in the 90s when he was under 30 years old and led an office of 24 people on half a floor at Countrywide. That small office quickly turned into IndyMac Bank. I dont think this will go back to 40, but it will get up into the teens soon enough. WEll, lets wait until after the jobs report and until IMB closes in the top Keltner channel then I'll truly be a long here...
Horrendous balance sheet, horrendous cash flows, price rising due to shorts covering. May yet be good for more upside tomorrow as shorts continue to cover. Earnings (losses) will be reported May 12. Up to you if you want to hold it until then.
Thats exactly what I said about American Airlines back in 2003. Now this isnt an airline...lets just see where it goes. If it doesnt go bankrupt, then it will go up.
Being taken out to the woodshed. Looked at it a short while ago at -12%, now it's closing in on -25%. LOL