Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of auctioneer extraordinaire Sotheby's
So what: The auction house just announced a string of very successful art sales and surprised investors with a rare gem coming up for auction: the original founding contract for Apple
Now what: The rather large short cohort has good reason to cash in their chips here, as a monthlong 26% drop is coming to an abrupt end. The covering effect may be magnified even further by robo-trading algorithms, given that 97% of this very volatile stock's float is in the hands of institutional investors. That being said, Sotheby's is nearly 280 years old and has navigated crises like two World Wars, one Civil War, and various great depressions -- the stock looks cheap and nearly risk-free thanks to this piddly little recession.
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