Shares of Chesapeake Energy Corp. nearly tripled in very volatile trading Monday, as growing expectations of a quick rebound in the economy and an agreement among major oil producers to extend production cuts fueled hopes of a continued rally in crude-oil prices. The oil and natural gas exploration and production company’s stock CHK+181.94% shot up 181.9% to close at $69.92 on volume of 19.3 million shares, which was more than seven times the full-day average of 2.6 million shares. After rallying 76.5% on Friday, the stock has rocketed 397.7% in two days, and more than about eightfold since closing at a record low of $8.71 on May 14.
Options action was nut DGLY was $4.6-$4.7(After the fact) when I posted, probably going to sell it too. Its going to hit $5.50, pretty cool!
A lot of day traders: Not quite 25 million share float and almost 70% owned by institutions and insiders. Leaves about 7.5 million shares available to the public, and today's volume 48 million shares, so almost 7X's the shares available to trade changed hands today. End of day bag holders I'm sure, but most of that trade were guys taking a few points and selling to the next group of gunslingers.
I bought 300 shares on friday in the after hours for 35.68. I sold at $58 today just after the halt thinking I was smart and that I might get back in when it drops to $45 because what stock can go up 70% without a retrace? Made about $7k instead of $17k. Also wrote 5 Jul 10 $35.50 naked puts for $7 this morning. The premiums are completely out of whack and seriously overpriced with insanely high bids at completely different levels. The ask on the $30 puts are lower than the ask on the 27.50 to 29.50's. Seems like free money at this point.
Brilliant Trade, I was hoping it was another DSX is what I said under my "Piker's Journal". It was, dam!
This is the norm for several months now, ever since the Fed drank the punch bowel & hit the crack pipe, lower mkt cap stocks with small floats have been going ballistic. Gains of 100%-300+% every day with another 50%-100%+ in the extended session. This makes 1999 look tame, we never had it so good. This could go on a lot longer - make your millions while you can. The dumbest $ is piling in. Hertz bankruptcy & we have extreme FOMO, as if HTZ beat earnings by a huge margin.
I found a stock where the Options Volume was distorted, another energy play like CHK. I bought along with the buyers of almost 50,000 Calls. My tiny 30 against guys sweeping the entire offer constantly. Was bitchen like my DDOG trade today. Just following the massive option buys is paying off in this Market.
Thinning out my position in DGLY, its up over $1 since my first post. I thought it could see $6 tomorrow.