Today’s volume was very heavy 8,501,229 and it looks like a top for 2014, stock should tickle down and be SOLD.
Sentiment: Strong Sell
Graphic packaging holding company today made the highest On Balance Volume over a year today.
Generally OBV is a leading indictor for the stock to make new high. This being short holiday week, we can expect low volume, low volatility. But for stock to have momentum it should have above average volume and price change more than 25cents, or about 2.5%.
Elliot wave ………………..5 Bullish
Close price ………………..$11.61
Wave 5 is the last move on the impulse wave and it is not nearly as dynamic as the third wave of the Elliot wave cycle. This wave marks the last burst of buying cycle before a new trend starts.
Sentiment: Strong Buy
Price is hovering around 10 as expiration date nears; will my shares be called away or not?
(if slightly above 10 on Thursday, I will probably do a "roll" to October 10's; it is also possible that I may be able to roll to October 12.5's for a net credit of a few cents)
The stock is going straight up and is hitting new highs frequently. While that can be a good time to sell covered calls, I would want to be well paid for them. Now the stock price has gone through your strike, so you have to decide if you want to keep the stock. It would seem that there is more going on here than just a "good run". It is not like they are making a lot of money. I am puzzled by their announced buyback of $200 million of stock...it is at an all time high after all. I have held it for a good while, so I have to see what is going on...the industry is consolidating.