Steel Partners $SPLP, technicals over fundamentalsSteel Partners is one of the leaders in the acquisitions business and with a well diversified portfolio reported an increase in revenue of +18.70%, as compared to the same period in the prior year. Also published an increase in EPS of +24%, but its net income and net margins decreased. This aren't the best fundamental siganls but at least has two quarters in a row with revenue growth.
Now the techniclas have all that I look for. With a IBD RS rating of 99, high volume in up days and low volume in down days, and still in the breakout zone I decided to buy 1/4 of my postion sizing. I decided to start small because the market environment is still bad, and the stock hasn't make a new all time high. I plan to add to my position at the breakout above $38.50 and if it follows through.
I'd like to add that maybe, one of the main reasons of the recent rise of NYSE:SPLP is because of the increase in value of NASDAQ:STCN . Steel Partners holds a 41% ownership.
