Very Weak Action in Our Small Cap Financials
Not sure what to make of the very weak action in the stock prices of small financials like International Assets (IAAC - old FCSX) and Phoenix Cos (PNX) that Stone Fox Capital holds in the Growth Portfolio . Both were down nearly 8% today. Luckily we sold a good portion of IAAC earlier this week at $17.04. Unfortunately we didn't sell all of it!
Both stocks are only 1.2% of our portfolio and we'll look to add to those positions on Monday assuming a lack of negative news. The move down could be related to quadruple witching today. Charts look very weak so buying is risky. IAAC at $14.50 has a natural stop there and PNX at $2.50 to start or all the way down to $2.20.
IAAC is a commodity risk management firm that should benefit from a volatile commodity environment and fast growing emerging markets that consume alot more commodities. Unfortunately they make a significant portion of their profits from short term interest on customer account balances. Not so good when rates are historically low.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJI4FmOgSdO9EXO96SqVC6oaRt9AAI315ev6ME9Vd2AnWI02TqUNFUpa-Lj5nv8yVU7g0MFD5gIMRu_Qbt8hOR25Hz74B20GeUZusplQuESZn0DYkzRxFzIOE6xffgBlLMbSIn9vwBbXo/s320/sc.png)
Phoenix Cos is an insurance provider. Basically a play on a stock trading below book value.
Both stocks are only 1.2% of our portfolio and we'll look to add to those positions on Monday assuming a lack of negative news. The move down could be related to quadruple witching today. Charts look very weak so buying is risky. IAAC at $14.50 has a natural stop there and PNX at $2.50 to start or all the way down to $2.20.
IAAC is a commodity risk management firm that should benefit from a volatile commodity environment and fast growing emerging markets that consume alot more commodities. Unfortunately they make a significant portion of their profits from short term interest on customer account balances. Not so good when rates are historically low.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJI4FmOgSdO9EXO96SqVC6oaRt9AAI315ev6ME9Vd2AnWI02TqUNFUpa-Lj5nv8yVU7g0MFD5gIMRu_Qbt8hOR25Hz74B20GeUZusplQuESZn0DYkzRxFzIOE6xffgBlLMbSIn9vwBbXo/s320/sc.png)
Phoenix Cos is an insurance provider. Basically a play on a stock trading below book value.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrhWgBfZsvqARv1IXpVYa6B3tVUsRIzCwAa1GNd85XD8OT_B220APDaHQAW_mtOwX5pnORHdYh9qWYzmSoD9rCS4rjXqwc9m3KrYr_UskUVFhQ5pqW13WQjIzbsSTdJbZZO1KtRl6_rhs/s320/sc.png)
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