Najarian must be sweating.
May expiry put buying on RFMD may be looking for the stock to pullback following the company's fourth-quarter earnings report later this month. Upwards of 6,600 puts were purchased at the May $5.0 strike at a premium of $0.35 each during the first hour of the trading session. The bearish stance on RF Micro Devices makes money at expiration if shares in the semiconductor components maker drop 9% from the current level to settle below the breakeven price of $4.65.
Good day Monrio.
Your math shows 4.65. That's not that far from my 4.8X as 2nd support. (5.08 as a first)
For those who are new to RFMD they might think that collectively we're both nuts. THEY don't know just how much of a toy RFMD is.
The 4 days following Feb 15th is EXACTLY what the pukes can do to an equity if they choose. Stranger things have happened!! (But with RFMD, ANYTHING can happen, right??)
RFMD is notorious for "gradual up, whip lash down".