Update on Americanwest Bancorp (AWBC)

AWBC has shot up about 8% since it was mentioned here last Saturday. That is quite a move for a low beta bank stock! I can’t find any news to account for the price spike. The company did issue a revision to previously issued third quarter results, but that announcement came out last Thursday. I still haven’t bought AWBC. This surge was not accompanied by a rise in on-balance volume, and I think it was caused by short-sellers closing their positions. I expect AWBC to re-test the 52-week lows within coming weeks. If that test occurs and is successful, I will start to look for an entry point.

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