Countrywide Financial (CFC)
Countrywide, the king of the sub-prime debacle is still trading, for some reason beyond my knowledge. In fact, it’s fetching a price of $13 and change. The chart looks like a Mexican bus plunging off a cliff. I shorted the stock when the sub-prime crisis hit, and already have a $7 and change profit. I plan on riding this stock all of the way down to $0.03, which is where it will be in a few months. Countrywide is going away, you can bet on that. However, to protect my position, I will cover it if it rallies to $17 and change….I’ll still pull $3 out of the stock and it will be just a little less of a winner, but a winner nonetheless.
