Nice to see a strong green day in a red enviroment for AFG .With...

Nice to see a strong green day in a red enviroment for AFG .

With so much bad news out about AFG over the last few months , it is good to see the little good news we have had starting to be rewarded with a little bounce up and what appears to be a consolidation taking place closer to 40c with what appear to be longer term buyers accumulating the stock .

My new found thinking of why it didnt rise straight away or hold 40 + on the news when it came out was that the move to around 50c , albeit short lived was a disapointment to traders who punted on a bigger jump.

When the news did come out on re finance , asset sales , and debt reductions in the last month the traders were talking $ in here and there would of been a lot of people disapointed with the lack of jump in the stock price and as it retraced locked in a short term profit or cut their losses pre June 30 and didnt come back .

I think the grass looked greener else where at this time and this left the stock short of momentum buyers and caused the pull back , I think that trend appears to be over and we are seeing accumulation and less day selling pressure , any good news , would on that basis be well rewarded in my opinion.

Maybe I am wrong but I for one was disapointed when it didnt keep going up last time and had the sell button ready , but decidede to hold becauese whilst i didnt like the chart retrace like the funduments of what the announcements were saying.

In the end I bought some extra CNP opposed to AFG on their pull back . It seems to me that AFG actually might of been better as CNP is still stcuk around 23 whilst AG seems to be ready to move higher if it can break the 40c resistance line