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Author Topic: SCO
MN Trader
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putting in a buy for SCO at 1.70.
Fib retrac at 38% - 2.08 & 50% - 2.25
Even 2.00 would be good on this one. Insurance industry has gotten stronger in 2003, maybe that will help sco a reinsurer get back up.

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TraderTom
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Great find, MNT! The volume is impressive - weekly is usually <50K, but was about 10M in past 2 weeks. Some big guns are buying it big time! I'll try to get some at 1.7 also.
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pizzaboy
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Count me in too then. I've been watching this for the past week...this is looking a lot more promising now.
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TraderTom
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Does anyone know why the price is so beat up? They seem to be making money, and their revenue growing.
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buzz357
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I thought I saw a headline this morning on my ameritrade streaming news that they were in some legal battle with another company.don't know if that has anything to do with it.Sorry I didn't get a chance to read it.
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coolnwo
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anyone buy?
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TraderTom
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I'm not in yet. It has a hard time this morning, and I'm trying to see if support at 1.64 is holding. Volume is up, though, which may be a good sign.

I usually avoid trading in the 1st hour.


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pizzaboy
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Just checked and there's no news today...please post if u see any. Just bought 5k at 1.65 per...buying more if it drops more. I can even go long on this one...2 billion euro in renvenue and millions in the green...I think it'll recover.
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TraderTom
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In at 1.65 ...
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coolnwo
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in 2k 1.70
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MN Trader
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been gone all am, got in at 1.70 - 1.65 looks real good, moving up as I write. 1.73 - Hope this works for everyone.
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coolnwo
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This still look good to everyone? What would you say would be a short term target MN
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TraderTom
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I agree with MNT on the Fib levels, and think that 2.22 (50%) might be a good pick, since it roughly coincides with the high on the gap-down bar.

The price has been in a channel (1.64 to 1.77) over the past days; I would say some of the big guns are involved. Let's hope the buyer wins the battle ...


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Aladdin
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I got in today at 1.72 and was wondering if anyone thought this stock might plummet into bankruptcy. I know that they are having serious money troubles. At least that is what the pr's seem to say. But it was hard to pass up a sub 2 dollar stock with billions in revenue and sold for 60 bucks not that long ago. Hopefully, they have a decent pr soon because it seems it could make a huge jump if they could clarify their money position. good luck on all your trades.
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MN Trader
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I'm looking for 1.90 - 2.00 for an exit. If it isn't doing much and hits 1.80 I make my $100 and may get out.
I'm not swing for the fence on anything for awhile - Just trying to make a little profit on each trade and move on. May leave a little or a lot on the table but so far this plan is working - have increased this account by 7.3% in Jan. - not huge but it is up.

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ththf
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KD is high. wait more days
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Art
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quote:
Originally posted by MN Trader:
May leave a little or a lot on the table but so far this plan is working - have increased this account by 7.3% in Jan. - not huge but it is up.

Many investors would be happy to make that in a year.


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TraderTom
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Agree with Art here - if you make >7% each month, you'll be in great shape!!

I just found this piece of news - don't know how I missed it the first time round:

"Scor: EUR751 Million Capital Increase Subscribed For 104% -2

Dow Jones, Tuesday, January 06, 2004 at 03:02


PARIS -(Dow Jones)- Troubled French reinsurer Scor SA (SCO) said Tuesday its EUR751 million make-or-break capital increase was oversubscribed by 4%.

Leading shareholders, including the mutually-owned French insurer Groupama SA (GAN.YY), had already backed the rights issue, a key plank in attempts by Chief Executive Denis Kessler to turn around Scor's battered balance sheet.

As a result of the capital increase, Groupama's stake in Scor will now rise from just over 18% to 21.4%. Scor announced plans for the capital increase late last year, offering shares at just EUR1.10. The firm's shares closed Monday at EUR1.22.

Scor has been battling for survival for the past year after a combination of tumbling share prices, rising claims and write-offs on lossmaking policies written in the 1990s plunged the company deep into the red.

Scor's banks - most notably BNP Paribas SA (13110.FR) and Goldman Sachs Inc. (GS) - had agreed to underwrite the issue, but that guarantee will not now come into play.

In a statement Tuesday, Scor said its 15 leading shareholders - who had already agreed to support the rights issue late last year - will see their collective stake in the reinsurer edge up to 38.8% from 35.4%.

Scor set Jan. 7 as the delivery and settlement date for new shares issued as part of the capital increase."

[This message has been edited by TraderTom (edited January 12, 2004).]


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pizzaboy
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[QUOTE]Originally posted by TraderTom:
[B]"Scor: EUR751 Million Capital Increase Subscribed For 104% -2

Dow Jones, Tuesday, January 06, 2004 at 03:02
I'm reading this for the 20th time and I'm still trying to figure out whether this is good or bad news???? If they have more subscribed than they have in capital, I suppose that's a bad thing. But they're also raising a lot of capital so that's a good thing...so how would u guys interpret this? I'm thinking about buying 5k more tomorrow if it's low enuf. I have really good feelings on this stock.

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Tom2
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Trades on the french exchange . Here is the link :http://fr.finance.yahoo.com/q?d=t&p=&q=q&s=scor&m=PA

The dilution was at 1.10 euro . The exchange rate from euro to us is 1.27 . So 1.1 euro times 1.27 = $1.40 us . However from yahoo has $2.39 cash per share less debt . Seems like it is stabilizing now that financial issues resolved .


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Pepper
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according to www.e-mastertrade.com analitical products. SCO is oversold. It's good time to buy this stock.
You may check this info on this site. Product - StockUnderPrice. It's free


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DENSKIJR
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Got in at 1.72 probably hold for 2 to 4 weeks. any thoughts on an exit.
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TraderTom
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SCO broke through resistance at 1.75 this morning, now trading just above 1.8. Perhaps most of those shares they sold in Europe have been distributed, and we have a nice pop.

----
T2


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DENSKIJR
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Tom,

very nice, still sticking with my origanal plan of holding for 2 to 4 weeks I belive it will be trading alot higher from where we are at.

Dennis


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Jeremy
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In this morning at 1.81

I like what I see here as long as the volume doesn't drop off too low.


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MN Trader
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put in a stop at 1.78 to protect profit - just in case - will move it up in days ahead if the price continues up.

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coolnwo
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I think this will go over $2.00 just looking at volume what you guys think?
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pizzaboy
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I'm going to have patience with this stock...I remember buying Oxford Health Plan back in 1998 when it tanked to $6...held it for 2 years and sold it for $48. A company with the revenue and income SCO has is bound to bounce back in the long run IMHO. I'm going to hold this one for the long term...sell at $40 perhaps??? wishful thinking is good sometimes...
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TraderTom
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Did well today, I think. Next hurdle will be that resistance at 1.9 ..

MNT, I noticed you picked the same stop as me ... I hope that means we're right.


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Jeremy
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My Stop is also at 1.78. For this stock I am going to keep adjusting it to stay a couple ticks below the MA(21), which is at 1.80 right now (on a 30-minute chart)

[This message has been edited by Jeremy (edited January 15, 2004).]

[This message has been edited by Jeremy (edited January 15, 2004).]


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coolnwo
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30mil volume on this in Europe up 7 percent
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coolnwo
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Everyone still holding?
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Tom2
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I am going to keep holding as long as it keeps adding a penny or two a day . Seems like a slow but steady uptrend ! imho
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coolnwo
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out at 1.91 for a $440 profit. I might add on a drop but I am sure there could be better out there.
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MN Trader
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Stil holding - moved my stop to 1.82 last night. 1.92 would be a good 13% profit but feel there is more also. Agree with Tom as long as it keeps tickin' up - may move stop up again - thinking 1.87
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