[Clarification/Correction to Weekend Summary]
Dear Members:
I received a very cogent question regarding the Weekend Summary. When I commented on the Carmax (KMX) trade, I noted that an officer of the company was reported to be selling 193,000 shares. The member wrote and asked why I considered that to be bullish. I don't. I suspect that is bearish and that is why I hung onto my put position on KMX. Of course, owning the puts is a bearish position.
While the simple fact that an officer is selling a fairly large position may indicate some bearish insider information, it could also mean the officer just wants to raise some cash, or wants to lighten the overall position. I decided to wait and see a bit.
I apologize for any confusion I may have caused with the statement in my Weekend Summary.
Enjoy what's left of your weekend. I'm on Kauai this week so it's still early in the morning.
Bill Kraft
|
