08-17-2012, 06:35 AM
I don't think I have ever seen IOC work off an overbought condition that quickly. Thanks shorts!
We clearly saw support yesterday in the $75 range. Now it's time to build support in the $80-83 range.
http://stockcharts.com/h-sc/ui?s=IOC&p=D&b=5&g=0&id=p17312414077
Interesting that amid all of the chaos yesterday, the options market maker still held up the OTM September call premiums. I know because I tried to buy some of the $100 calls for lotto tickets. A very wise old options trader once told me that the options market maker ALWAYS has more information than you do. The September options premiums are still signalling a big move up, and soon. I mean noos!