The shorts unfortunately appear to have a lot going in their favor and I really think a lot of investors believe the market is getting ready for a correction. If you watch the videos from the ChartPatternTrader.com, you know what indicators to pay attention to and I think you get a pretty good sense of where the market is likely headed.
http://thechartpatterntrader.com/ (go to the link and scroll down and watch two 10 minute videos of Rob Walkers analysis of the market after yesterdays close, well worth the time IMO)
I would love to see the company issue a divi AFTER we see what happens with the market over the next week or so and preferably at a key strategic time. If we see the shift in direction of the overall market and head down, then AFTER the shift has occurred and after there's been a bit of a correction and there seems to be some hope for the markets, then issue the Divi or if we get a huge white candle and it appears we're going higher then issue the divi. But right now I think there is too much uncertainty.
I like that the company issued a $30Mil buy back as it will throw some caution toward the shorts. But when the market is at support after a likely correction and they issue a divi we (shareholders & company) will get a whole lot more bang for our buck IMO. I am a shareholder of CCME and it could likely mean we see a lower short term PPS but the company needs to think about winning the war and not just a battle here and there.
With CCME's retail ownership, the current economic uncertainty, the lack of risk tolerance, the anti-China sentiment, we have almost optimal conditions for shorts.
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