Well, today seemed to be another case of another day, another few dollars gained.
S&P 500 at a record high. Most of our stocks were up…
Case Shiller home price index shows U.S. house prices rising.
Melcor had some strange trading today. About 200,000 shares in smaller lots traded over the noon hour (eastern time) and pushed the price over $18 to briefly $18.30. But then the stock fell to $17.70, albeit on just one trade and it closed at $17.90. This trading is strange because Melcor often only has only a few thousand shares trading in a day. About half the time less than 10,000 shares trade. So, I figured maybe there was no news on the REIT front. But there was no news. So it may have just been that someone bought about 100,000 shares and had to bid up the price to get them and after that the price retreated again.
Melcor is so thinly traded that it’s price really can’t be trusted. It can move several percent just because someone is in a hurry to buy or sell 10,000 shares.
I already have a lot of Melcor but have toyed with the idea of buying more especially if I could get it under $17.50.
I believe the REIT should start trading as early as tomorrow (Wednesday May 1) and that should may have some impact on the Melcor shares one way or the other. (I suspect the impact would be positive).