Monday, October 5, 2009

Trade: Added Phoenix Companies and Synovus Financial

Both Phoenix (PNX) and Synovus Financial (SNV) are small cap financials trading below book value. PNX being a badly beaten down insurance company left for dead and SNV being a regional bank that recently did an offering 10% higher. For SNV we have added to a position began at $2.8. If the economy continues to recover, these 2 financials will be big winners.


Edit 11PM: PNX closed above the 20EMA which remains above the 200EMA. If the stock gets follow thru tomorrow, its a must buy with a book value close to $8.




Disclosure: Long in client and personal accounts


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