On Wednesday the S&P 500 was up 0.8% and Toronto was up 0.3%. Both gains wee after statements from the FED about interest rates rising relatively modestly were taken as positive.
Melcor edged up another 1.4%. Obviously it can’t rise everyday and at some point the impact of the recent RBC report is fully reflected in the price. I am thinking of trimming my large position modestly, perhaps at just under $28 if it should get that high. Obviously the stock could fall based on world, Canada, oil-patch or company-specific news. I think it remains good value but certainly recognize that stocks don’t go up in straight lines and sometimes bad things happen to good stocks.
Fedex rose 6.2% after posting strong earnings and an upbeat outlook. As of my last look at it, I thought it was too expensive. But sometimes it’s hard to keep a good company down.