Below is a chart of IFN for Dennis who wrote:
I’m new to all this so please forgive if necessary. I’ve been investigating several ways to play the emerging Indian market.One of the ways would be to enter long a closed-end fund, ticker IFN. Problem is that this closed-end fund is trading at a >20% premium over the NAV of the fund (and index) it is based upon. Even still, today it (nearly) touched its all-time high (of about a month ago) of 49.95. My feeling is that, based on the chart, it should be good for a 5-8 point pop if it breaks through its all-time high. Plus, President Bush is supposed to visit India in early March, which should attract some attention to the future possibilities.
I remember Cramer hyping South American stocks last year ahead of Bush's visit. I can't recall how that short term "hype" trade worked out though. Despite the "Bush effect' the trend is obvious up and the stock is threatening to breakout to new all-time highs. Given that, it's tough to argue against being long. My one concern is the volume action. I like to see stocks making and/or approaching new highs on strong volume. If it does make a new high on low volume that could be a sign of a head-fake in the making..
Here's the chart:
This is actually a good pseudo play, i actually traded the fund several times last year. kinda wish i just held. typically, u dont want to trade funds (i.e. mutual fund fee), but this one was a keeper last fall. :(