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Phillips 66 Message Board

wavy4jctl 5 posts  |  Last Activity: Aug 26, 2014 6:26 PM Member since: Jul 18, 2013
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  • wavy4jctl wavy4jctl Aug 26, 2014 6:26 PM Flag

    I think nobody was shorting RIG under $40, the short money piled on in the mid $40s and many more when it was in the $50s late last year.. The huge increase in put volume was in shorting (writing) the puts, not buying them. That is extremely bullish for 2 reasons: Writing puts guarantees the owners the premium between current price and strike price, and, options allows greater control of shares with less capital at risk. In this case, they can only lose the premium. SO, you get money upfront and can control more shares with far less capital while owning the underlying shares. Started a position last week, added yesterday and will add more on any dip under $38. GL

    Sentiment: Strong Buy

  • Reply to

    Probably a good time to cover shorts

    by biofueltipster Aug 26, 2014 12:07 PM
    wavy4jctl wavy4jctl Aug 26, 2014 12:21 PM Flag

    Been trading this stock for the better part of 8 years now. Use to love buying in the low $40s and selling when it popped to $60. I bought early this year under $40 and sold the last pop to $46, thus my only RIG trade this year (usually trade it 3-5 times per year. I bought last week for 2 reasons: Extreme negativity that brought it down to extremely low, exaggerated price levels and the huge shorting of puts, bonus was the dividend. That had to be executed by a large money player. That is when you typically see the lows. I thought it might see the $35 level, but seeing that now as unlikely unless the market goes into a correction (which I also see that as unlikely because the transports are strong and finance is relatively cheap). Hold to the low $50s. GL

    Sentiment: Buy

  • Reply to

    a climate of fear

    by albacornus Aug 25, 2014 9:51 AM
    wavy4jctl wavy4jctl Aug 25, 2014 2:01 PM Flag

    All the above and add lack of buyers.

  • Reply to

    What's Carl going to do now?

    by hipthreevet Aug 23, 2014 7:53 AM
    wavy4jctl wavy4jctl Aug 25, 2014 12:43 PM Flag

    You are right about the money, but time - no. They dont have the patience like the small retail investor. We live in the age of HFT and owning a stock more than a year is a rarity to some brokers and funds. Wait this out. May take a while, but value is present here. Unless the management caves in, this should wake up next year. GL

  • wavy4jctl wavy4jctl Aug 13, 2014 3:05 PM Flag

    you forgot to mention, the shorts are indeed winning, its at a 10 yr low and still, it goes down. RIG could easily slide another 10-15% before bottoming, This is a short's dream. Nothing, even great earnings, Icahn and a fat dividend keeps this stock from sliding over a cliff.

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