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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Nancy who wrote (6988)1/14/1998 6:00:00 PM
From: Alias Shrugged  Read Replies (1) of 95453
 
Hello Nancy;

What do you make of the last two day's action? I am prepared to sell into tomorrows rally (sell deep itm calls and/or short stock).

A decent rally can be expected based upon option expiry only, as most calls are worthless (and therefore needing little hedging), while almost all puts are in the money, requiring the MM to be short stock to hedge. As puts are unwound, MM must buy back stock.

If oil price has changed little this week, what else is driving price? Analysts would be idiots to be surprised by earnings.

Based on TA only, must the recent lows be revisited to properly form a base?

Thanks

Mike
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