Friday, April 18, 2008
Since my March 28 posting on iStar Financial (SFI), when I claimed that "iStar's not going anywhere for a while. The stock is fairly priced in this environment...", the stock has soared from a low of $13.76 to over $19 today, as option traders and shorts scramble to cover their positions. Yeah, nice 38% return I missed. However, I really don't think there's much more upside to the stock, since the current momentum seems to be driven by short-covering, not fundamentals. If you want to get into iStar, wait until after the first-quarter results are released. Then again, maybe I should just become a contrarian indicator.