Robert,
Today's move, I am very confident, was not options-related.
The open interest in LQPDC, the April 15 calls, was only 115 contracts, representing a mere 11,500 shares. Today's volume was just 15. Theoretically, it would have been in the interests of the holder(s) of the calls to bid LGND up over the strike towards the end of the day... but attempting that would have been completely impractical, today.
The open interest in LQPPC, the April 15 puts, was just 59 contracts (the equivalent of 5900 shares,) and only 2 traded today. I doubt that those short the puts engaged in a late-day buying spree to protect their exposure. In fact, I can almost guarantee that this did not happen, as my personal short position represented the bulk of the open interest. For the record, let me assure everyone that I did not buy multiple round lots of stock, in an effort to avoid being assigned 4000 shares. ;-)
All considered, we have to conclude that today's rally was "real," not expiration-related. Woo-hoo! It looks as though I am going to have a nice Easter, after all! ;-)
Regards,
RB |
