I don't understand the philosophy or tactics of the people that sell a stock at market prices, especially a stock that has performed well in recent days. Stock market gurus alwasys tell you to not cash in a stock because you think it reached the top. Rather put a stop loss on it and let the market do the talking. STO is up this morning, pre open, at $20.44.
I don't own the stock, but I have 100 calls (equivalent of 10,000 shares) Jan 1, 2006 expiration. I bought the calls when the stock was at $18.50 and I'm making some good money now. I expect that the stock could reach 30 by the end of the year in which case I'll sell the calls and buy 200 options for the longuest duration possible.
One thing I would like to mention before I go.
Most analysts calculate the earnings estimate for oil companies at around $40 a barrel. Given the fact that the price is at $57 or so,
ALL the oil companies will beat substancially the estimate. That's why STO is very undervalued. I do not believe this stock will ever get back below 20.
Here are the entries so far:
slacker 3502 23.25
I don't know about the not going over part. IMO the closest to the closing price on Sept.30th should be the winner whether they are over or under. If the majority of the contestants feel otherwise we will change the rule. It is hard enough coming close without worrying that we might be a few pennies over and then losing to someone who may have been a buck or two off but below the closing price. Personally I hope we are all low. sb