The cherry pickers did it again, IMCLE was dogged short off 44.30, and carried down. Trading at 37 now They explained the stops along the way. Although I only trade 300 shares, it is still hard for me to do 1k shares on a stock like that.
I went short at 48 last night, 10 points and up into the gap, and the last pop up was sold hard. Only the piggies were buying at the upper 40s, and they are on the menu tonight.
it did go $2 against you 2 times to $50 area or did you average up as well and hope it would not blow past the $50 strike ? nice trade .. I had some success scalping it and arbing it outside of market hours ...
Yes it briefly hit 50 but I could see it was on fumes. Bids lined up on the Island book numbered 130 to buy 15-20 to sell, but whenever any aggressive selling came in, the stock dropped quickly 1/2 - 1 point and the bids shyed away. And I suspected that like before, longs would take advantage of the gift presented them the next morning. My guess was that there were big shorts laid into that afterhours pop - probably hedge funds - and that those hedgies would pressure the stock the next morning with a gap down from the afterhours close of 48.80, forcing a long squeeze on the afterhours longs along with aggressive selling by longs who had bought the prior 2 days. THe cieling I had hoped for, was the big gap down 56-47.59 back in dec 01. The greater money interest was in selling the move, not buying it. The news that drove this move had no real substance as news, the idea that they would apply to the FDA was known, all they company did was announce. The real news was that the drug appeared effective in a new trial, and that news was already built into the price. Why pay an extra premium because the company is filing papers? If it had remained over 50, I would have covered for the loss.