Monday, 1 May 2017

OCN: Looks Like The Pump And Trump Short Squeeze Will Continue

EDIT: May 3, 9AM PST: We have now sold our position in OCN. The stock is not reacting well after this morning's conference call.

On April 26 we recommended a buy on Ocwen Financial Corporation (OCN) when it closed at $2.29 the previous day. We thought it would go at least to $3.00. It has done so today with an agreement with New Residential Corporation (NRZ) sending the stock up about over 33% to over $3.10. We have taken some profits but remain heavily invested in this trade as we think the Pump and Trump short squeeze is just at its beginning.

There is a must read article from John Devaney called "Ocwen Financial: Calling Republican Lawmakers What Is Going On With The CFPB". This short squeeze could be very strong if this author gets his way and the Republicans listen. Recall from our previous blog the share float and short statistics on OCN according to Yahoo Finance:

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Disclosure: We are long OCN

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