I sold my remaining stake of AXP today. Read the Hussman and yahoo post from Monday, and combine that with Deutsche Bank’s report today, and you will realize that there will continue to be hurting consumers and probably rising unemployment. Spending will be reduced, and AXP will have weaker cash flows than anticipated.
Though overall, this was a losing experience, I’m glad I can exit here, at $31.50. The market was down today, but AXP along with some other financials were up on positive AIG news. Also pushing it higher in the short term was an analyst upgrade yesterday. A final note, AXP had an insider sell $1.8m last week.
