Well ironically I had sold cash secured $2 Puts last month hoping they would expire worthless (meaning above 2 bucks). But as luck would have it they expired ITM today (1.85 was the close). So I will be most likely be assigned 2K more shares at 2 bucks unless the AH trading runs above 2 bucks and those folk who own the puts decide it isn't worth exercising them now. The AH trading secondary to the NME news might actually make this a wise investment now. I now have exactly 20K shares again in my account (if assigned) and simply need it to get above 6 to break even! Like that will ever happen.
Thanks! I certainly hope so. I still have my IRA completely tied up in this. My trading account has long been decimated by the Oct.17th event so I really need something to finally work out with our beaten down company.
Wow. Talk about a relentless bear raid to screw everyone today after that initial headfake to 7.97. Really screwed me over. Had covered calls at 7.00 that I bought to close at a huge loss earlier and now it would have saved me about 4 grand. It is going to 6.99 now.
Looks like the shorts aren't taking any chances this time. They seem to do this quite frequently creating a synthetic long position.
Akanz2- Thanks for the compliment about being very smart, but I have to disagree with you since I feel VERY stupid having done this time and time again with speculative investments. This time I lost a small/large fortune overnight with AMRN. In the past it generally took a few weeks or months. My time frame has been shortening! The little I have left in my IRA will probably vaporize next week as well and yet I persist in being optimistic about decision by the FDA (this proves that you are wrong about my being smart!).
Yes, I am still here (hoping for a miracle with the shares have left in my IRA). This run is hopefully a precursor to something much bigger next week. Hopefully it isn't just short covering today and we see a continued climb to 3 by next week and then a positive FDA decision that drives it back to the 5-6 range.
Pshaw- Thanks! Yes, I was really hurt by the fiasco at AMRN and have some other slightly smaller fiasco to work out this year from some other stuff done many years ago (long story). I am alive though! Thanks for your concern and I will watch this one carefully. I don't anything about Norwegian stocks, just know they have lots of fjords there! Have a great year!
Hey george- nice to see a familiar face here. Just learned about this company (and thank god it's not a biotech company!). Looks kinda interesting. I will watch it and do my DD on it.
What a crazy situation. I sold 50 of the Dec. 2.00 Puts last month figuring it was the easiest way to cost average down on the few shares I had left after the debacle recently. Sold the puts expecting to probably close the position today and make some money (sold them originally for .56 and pocketed about $2800 from the sale). I hoped to buy them back for a penny today and now I am not sure I want to. If the stock closes ITM today (below 2.00) then I end up up getting 5K more shares at 2 bucks each (the true cost basis would be 1.44 since I got .56 for each share). If it closes above 2 bucks then I keep the cash from that sale of the puts a month ago and don't get the stock. Curious to see where this goes. Usually if there is a large amount of Call option buying at that same strike price the MM's will make sure they expire a penny or more below the 2 dollar mark. I was really considering buying some calls yesterday since they were so cheap (2-3 cents!) I didn't have the balls to do that, ironically since I didn't expect it to even come close to 2 bucks today.
If it goes to 3 bucks today that would have been a 100x gain over night! Sigh...
They could hire Elon Musk as the new CEO at this point. It really appears to make no difference any more.