Weren't those market makers..

[admin]

Supposed to take the stock back to $70, or at least keep it under $75 for maximum pain for outstanding options holders?

If they can't do it on a day like this, then what does that tell you..

[Petrovale]

Today's outcome is quite surprising as well as bullish.
Any price above $77.05 should bring higher highs.
Hopefully we get a serious T2 update next week.

[geologydude]

Supposed to take the stock back to $70, or at least keep it under $75 for maximum pain for outstanding options holders?

If they can't do it on a day like this, then what does that tell you..

---

Very true STP and very light volume as well for OE day. The shorts have lost much of their clout

[efi426hemi]

Like I said to the opposing teams goalie last week when I netted a Gino (goal), "All day baby, ALL DAY"!

[Palm]

Unbelieveable afternoon! Last I saw it was just under $75 and really looked like that would be it. I am one who thought $75 would be an easy "make" for MM. Like Geo says; relatively light volume usually makes for a very predictable finish. I also had surmised that GS just may have switched gears and is ready to promote it with coverage once deals get announced. This supports that August could be a good one. Still amazed at all of those $100 calls sitting in Sept; somewhere over $28k now.

What will next week bring with the election final results? Can't wait.

Supposed to take the stock back to $70, or at least keep it under $75 for maximum pain for outstanding options holders?

If they can't do it on a day like this, then what does that tell you..

[admin]

No market makers on OE, no escalating eurozone crisis, quite remarkable, this, I have to say. How things have changed..

[tarulestheday]

If you look at the 28K $100 September calls, this appears to be the primary hedge for the shorts. However, with approx 9 million shares short, these calls represent roughly 2.8 million long shares (assuming IOC trades over $100 by Sept 21st). Basically, this is a 31% hedge assuming $100 share price. Point is that this is not a very substantial hedge IMO. IOC could really destroy the shorts by trading just south of $100 in Sept. It would be supremely entertaining to see a $99 close on Sept 21st which would be brutally painful on both sides of the trade for shorts. This hedge starts to make more sense assuming IOC blows through the $100 strike and gives them another 30% boost around $130/share. Interesting times to be long IOC.

[admin]

Yea, fun and games, tarules. And here's another thing to consider. The longer the wait, the more likely it is that there is bidding and counterbidding going on, in which case the rise would not be dramatic to be beneficial to those $100 Sept calls, but still hurt them on their short position, and the end result could even be more dramatic if there is indeed a real bidding war and the final deal is even better. It's death by a thousand needles, followed by a big bang.

I know it's speculation, but we have three IB's working and there is little doubt about the quality and quantity of what's on offer, and the seriousness of intentions to sell a part.