Update on PMI Group and MGIC Investment Corp.

March 14, 2007 on 11:04 am | In Short Term Updates |

  • BUY to COVER PMI near $40.90 (1/2 position)
  • BUY to COVER MTG near $55.40 (1/2 position)

Although we still think that the mortgage insurers as a group are in for some tough times going forward, we are buying back half of our short position in each of these trades to lock in profits. We think the markets are somewhat oversold and we are expecting a bounce later today or tomorrow.

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  1. […] We already covered half of our short positions in MGIC and PMI Group for a nice profit. Tomorrow’s earning report for MGIC will set the tone for mortgage insurers going forward. If MGIC has somehow maneuvered through the subprime meltdown unscathed we will cover the rest of our short position, but in our opinion the mortgage insurance sector will continue to under perform. […]

    Pingback by » Update on MGIC Investment Corp. and PMI Group Inc. — April 11, 2007 #

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