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+--- Thread: Looks like covering (/showthread.php?tid=4376)
Looks like covering - ebster123 - 08-14-2013
My guess is the 400,000 shares sold rapid were to catch those who had stop loss orders in. Now 1.3 million have traded and well off the lows on the way back up. I think there were some shorts covering.
RE: Looks like covering - smeltman - 08-14-2013
'ebster123' pid='27044' datel Wrote:My guess is the 400,000 shares sold rapid were to catch those who had stop loss orders in. Now 1.3 million have traded and well off the lows on the way back up. I think there were some shorts covering.
I'm not a short, but I did use the opportunity to add some Jan 2015 LEAPS on the dip. Whiile a different industry, CELG periodically would get taken down. Instead of lamenting the short-term drop, it never took long for LEAPS I picked up to show green. So, I own more IOC now than yesterday.
RE: Looks like covering - TxPm - 08-14-2013
Smelt,
We are on the same wave length. I bought 15 more Jan 14 calls this morning and 15 more Jan 15 Leaps
RE: Looks like covering - smeltman - 08-14-2013
IOC options are certainly not for the faint of heart, lol! I thought hard about getting more 2014's, but decided to venture into 2015's. Onward and upward!
RE: Looks like covering - TxPm - 08-14-2013
Of course SA is right there to post negative blurb on the CC. This will pass within a couple weeks