C'mon Roy, you have to be looking. What looks good or are you waiting for the run in Sept? This, IMO, is an incredible overreaction to their possible withdrawal of the Hep C trial:
3.00 pull back? Almost 10% discount. They still have a great pipe line and one of the best pharma's in class. I'm shopping and will continue to accumulate on all and any pull backs.
Anyone else? Opportunity knocks.....
I am looking at the Sep32/33 Bull Call spread for a debit of .60/spread. Gives you .40/spread profit at PPS of 33 or above at Sept OPEX. That is a 66% return in a little over 6 weeks.
Of course you can lose all of your investment if the PPS trades below 32.00 at Sept OPEX. BE is 32.60, which is the PPS of this pull back. Good odds.
Things are looking up!
Looks like we found a double bottom in the intraday chart today at $31.50, bounced up nicely from there.
The 50 day line broke above the 100 and 200 day lines.
The 200 Day line turned up! I think we go higher from here. ;-)
The nice thing I like about the Sept31/32 Bull Call spread is that the individual strike spreads are so close , you can unwind without much penalty.
I will continue to buy on any weakness. OPEX, this Friday should be telling...
Hey Bow -
I have just taken a peek at BMY. So, I hope that the operate word in your post is "might", because I personally don't see a point of inflection.
I would suggest that BMY investors take a page out of the Smartest [BMY] Guys In The Room..... JMHO
"Is this the board for BMY or AGNC? "
rparrish46 this board is one, if not the very best boards on Yahoo and since there isn't newsworthy subjects on a daily basis that relates solely to AGNC many experienced investors often discuss other equities or related options trades or education in an OT formatto be helpful.
Those OT subjects are an outstanding source of trade ideas and discussions, option trading ideas and education for those interested in learning about options, and a plethora of other valuable information ranging from Macroeconomics to domestic policy/economic ramifications etc.
Stick around and enjoy the variety - I do believe you may find it valuable, and perhaps you may find you have useful insights or ideas to share as well. Enjoy!
An addendum on BMY is the number of consecutive down day closes. Meaning the stock closes lower than its open. I looked back ten years and thought that representative historically.
The last ten trading days have all been down days. In my ten year look back, that has NEVER happened.
Glean from that what you will. I see the same panic selling in BMY these past ten trading days as we saw for three days in AGNC, IMO.
Are you still waiting for August OPEX Roy? I see at least two bucks for us right now....;-)
Another word of encouragement is that BMY did gap down when it lost the three dollars the 2nd. That gap is usually always filled. Second RSI is at 27. It hasn't been that low since the 2007-2008 crash of the general market.
Last July 28, 2011(29.05), after bad earnings the PPS sunk by about 3.35 to Aug 9th(25.69) and the RSI was @ 29. It rebounded to 32.45 by Oct 6th's EX, a whopping 6+ dollars.
So if history repeats, we should be OK. 200 day is at 33.33. I think that is the minimum we see by Sept OPEX and more by Oct EX.
I wish all the BMY Longs much success!!