Discussion in 'Trading' started by KINGOFSHORTS, Sep 16, 2009.
Wow who would have though. This is a crazy upshot with volume.
charts look like a harpsichord.
People are buying quicker above $15 than they did under $8 bucks, go figure that one out.
Of course market psychology works in weird ways.
Lots of covering I bought 25,000 shares of GE at 14.78 for delivery on a 15/16 call credit spread.
I closed out the 16 long side too early for 7 cents !!
I bet a lot of traders are doing the same buying up all the GE they can to meet obligations. I did not expect GE to jump so fast.
Although my longterm portfolio I bought a bunch of GE in the 6-7's range. I figure it would recover in 10 years.
It is one big poker game and lots of folks are folding fast as they see upticks with increasing volumes to confirm supports.
Plus the HUGE GELI options activity yesterday was a strong bullish tell. I bet it was GS going long those strike 20s and it will be tough to unwind unless they can push the price through the strike or keep it going so they can unroll that big long call option over weeks.
I am closely monitoring a few strikes to see what goes on.
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