Will Buyers Step in to Support $70?

[tarulestheday]

Shorts are hitting it hard today, looks to me like they are hitting all the stops and want to close it under $70 before the 28th. Lower baseline to cover.

[admin]

Lower baseline, perhaps, but if you're saying they short more now to achieve that, it doesn't make sense to me. They will also have to cover more, and if it gaps up, they have added to their problems instead of ameliorating them.

Logically, there are two possibilities:
- They hope, or even really believe IOC won't get a deal or a sufficiently good deal to warrant present share prices
- They're shaking the tree to cover later in the day or tomorrow.

[Putncalls]

I think the "real question" is; can anybody remember a ER and CC that was moved to an earlier date in order to announce bad news? That said admin if there are stops on the way down there is leverage for shorting.

[trans]

Hey Tom, a green close would be a big Croozian Reversal?

[TomCrooz]

Trans, close but no cigar