PMI Group, Inc. (The) NYSE:PMI
We wanted to put out an alert on a potential bottom-bouncer play that has come to our attention. PMI took a major dive from the .80-range at the beginning of this month that had us sniffing for a bottom that we believe has been reached.
The stock is building support at the current level, and we feel that once it pushes back past the low .50’s, there is a large gap to fill on up to the .80’s. Current conditions allow for a prime opportunity to take up a position at a discount, as the stock is coming off a period being rather oversold.
It isn’t often that we cover NYSE plays, however, when a prime chance comes along, we simply can’t ignore.