Why was AIG up?

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.

 

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

 

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.

 

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

 

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

 

Yes, next week's range will be a high of 13.24 and a low of 9.16

 

Thats what I did, should've covered when it was in the 9s. Kicking myself.