I just bought puts. This stock looks terrible. Bought the October $20 puts. I hate shorting things but I think the market is getting tired here and looking to pull back. VVUS has crossed the 50dma on higher than average volume to the downside. Look out below!!
Cool! I have an options account contract/form in an envelope somewhere but I never remitted it. Until I do and pending approval, I'm forced to proceed with shorted shares. You are definitely smarter! And healthier! My short position almost gave me a heart attack on 7/17! And the $(23-24) of a few weeks ago put deep in a hole. Thanks for the input on the moving average. Because of U I will fill out the options application. WHAT R your thoughts concerning what lies ahead??!
As stated above I think VVUS in a decline, (especially if the market corrects a little here). It crossed the 50dma on higher than average volume on Sept 21st. It then crossed the 200dma on Sept 24th on higher than average volume. It looks like it might be taking a breather right here but I look for the downward momentum here to continue. I am not saying it will never go back up but near term I think it is going down a little more. Keep in mind the 52wk low is 7.47 set almost a year ago today. This doesn't mean it will go back down that far but the selling pressure is on for right now.