Why was AIG up?

Discussion in 'Trading' started by traderjb, Jul 10, 2009.

  1. I don't get it. This is one dog of a stock. Normally, well from what I've seen, reverse stock splits have been precursers to future equity destruction. Did I miss out on some news? Last time I checked, AIG sucked as a company. :confused:
  2. wartrace


    I am thinking someone wanted to squeeze the short sellers and profit from the panic covering that follows.
  3. NoDoji


    Technically it was hugely oversold and found solid support early this morning. Fundamentally, I would guess the short interest was significant after some firm yesterday said they may be worth nothing.

    So you have a nice support base after a non-stop selloff that's gone on for days:

    There's the spark.

    Then you probably have shorts out the wazoo from both the downtrend, plus everyone else who likely shorted in pre-market because AIG is "worth nothing".

    There's the fuel.
  4. I should have covered earlier in the 8 dollar range but ended up covering in the 11 dollar range.

    I left a decent chunk of money on the table, Got too greedy. I shorted in the 17's I should have shorted in the 20's :)

    Oh well I was thought it might break down to the 7's
  5. wartrace


    Where do you guys see it going next week? Any ideas?
  6. NoDoji


    Yes, next week's range will be a high of 13.24 and a low of 9.16 :D :D :D
  7. Thats what I did, should've covered when it was in the 9s. Kicking myself.