It looks like buy stops were hit, the shorts often put in buy stops
to curb losses, the string pullers watch (they can see what the
shorters do ) and they wait, when they don't see any more shorters
coming in, they momentum buy small clumbs till the buy stops are
reached...they then sell to the buy stops, which leaves them short
on the very top..as she trickles down a new set of shorters say hey
she is falling, so they short , almost as soon as they see them
stop shorting the ones on the top cover, the price starts back up
and the johny come late shorters who don't have access to the
up to date data get picked off..it's a cycle and it trends her up.
That big volume could be the top shorters, you have to get conformation..by watching volume price in the morning, if she
gaps up and no volume and then starts to sink that may be it,
but she could have a very small correction, and then
go another few points up , to 68...her first correction subjet
to be shallow..and not worth fooling with till next week.
At least I'l wait till close to ex date, then stuff gets real
cheap. And I'll likley at that point buy first one then the
other as they will wip her on both sides of the closest strike
price just before ex date.
Jim
BTW any time volume is over 750K it's shorts selling to other
shorts who are buying to cover.
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