today i saw someone shorted calendar put spread approx 500 contract (@10 strike)
i.e. long 10put dec09 and short 10put may10.. bearish short term but bullish longer term
i think the rise with low volume today is for Monday presentation. All longs need to listen in a again. Conf with investment banks always present give you a good idea of where the co is (take Monday message and multiply it with 60% = realistic view)
so far 3.5 is the low. You may buy around here 1/4 position.. i think its a good start.
<<today i saw someone shorted calendar put spread approx 500 contract (@10 strike)
<<i.e. long 10put dec09 and short 10put may10.. bearish short term but bullish longer term>>
Could have been rolling forward from a (now ugly) short position taken probably pre-November on the DEC 10 puts, by buying them back, and re-selling the MAY 10s. Sure would hurt to have the shares put to you at 10 right now, so at least push the pain away another 6 months, at a cost of $12,500. Beats losing 317.5k on the shares.
Strangely, and possibly connected, there was a trade of 500 NOV 15 puts. Looks like that trade was a sell . . . though Yahoo shows open interest of only 266, probably a short sale. . . hmmmmm . . . let's see if those get bought back before option expiry, making it possibly just a move to raise short-term cash . . .