Hey guys, all of the bullish news has been disseminated ! Institutional investors who bought at the secondary offering are probably itching to take their profits at this jucture.
Yesterday's candlestick was a shooting star, which can be a warning of an impending top. Today's momentum was not enough to retest yesterday's highs, so I believe the path of least resistance will be DOWN, in the short run.
Sold 1,000 @147 Sold another 1,000 @148 Trying to sell 1,700 more at $149-1/2 - does anyone want to buy them from me ?
Going forward, my strategy would be to short puts at strikes of 120, 110 and 100 on pullbacks. They have implied volatilities of over 110%, which make them juicy shorts, assuming that the writer would not be averse to owning the underlying shares if assigned.
My price targets for the retracements are $136-1/2, $130-3/4, and $125. 61.8%, 50%, and 38%, respectively, of the three-day range. |
