I am Naming My Own Price for Priceline.com, the Stock!
I think some uber-bulls on Netflix, the stock, don’t know what hit them. Before they could say down, the stock came down crashing from $305 to now $130, which is a $175 haircut in 6 weeks. After a long lull where all stocks went up regardless of the fundamentals, I am encouraged by the signs that fundamentals are beginning to matter in the market.
For all you know, this may be an uncalled for ‘euphoria’ on my part. If it is, or appears to you that it is, the best thing for you to do is short me, i.e. do the opposite of what I am saying here.
First and the foremost, I am short Priceline (via some puts). Therefore, my take may not be objective. If you are one of those who got benefited by the offerings through Priceline, all the power to you. However, the stock – which is currently trading at $508 – is a bloated mo-mo pig. I am hereby naming my own price for Priceline stock: $45 and I can wait six months. In a month, it would be something like $200.
Once the mo-mo guys started fleeing Priceline, the above picture will look something like this. And, it will happen in a 30-45 day period.