Chinese insurance firm CNinsure (CISG) is about 4.5% on double the normal volume in just the first 90 minutes. Maybe there was a positive brokerage note out on this name... I don't see any particular news and earnings are not for a while. I assume something is up, but who knows what it is.
As the stock is peaking, and potentially forming a double top I will sell half our stake north of $24 and look to rebuy lower OR... if the name clears the mid $24s, we'd be interesting in buying say north of $25 as that would mark a potential new leg up.
Speaking to the greater market we are in a no man's land spot here... white noise. Until we get to new highs (>S&P 500 1100) or retrace more severely it's just high frequency trading machines milking the market and collecting their cute rebates. What I am seeing is a lot of earnings reports being sold off since the market already anticipated quite a large amount of positive surprises.
I'll look to pick some spots to increase positions in a few names if the tide brings them in further... otherwise a holding pattern.
[Aug 27, 2009: CNinsure Report Solid but Many Acquisition Costs/Benefits Running Through Numbers]
[Aug 24, 2009: CNinsure - China's Version of Prudential?]
Long CNinsure in fund; no personal position
Via Fund my Mutual Fund:
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