Posted by jacksoncrack on 10th of Nov 2011 at 02:01 pm
I think rp originally put me onto this one as a falling wedge.
Looks like a pretty standard inverse head and shoulders,
with maybe another 2 weeks of consolidation. Doesnt hurt that its
trading at .37 to book value. Was trading at twice this when
earnings were bleeding, last three quarters are green (however
fishy the accounting is).
Picked up $4 and $5 May '12 calls at .60 and .36 a couple weeks
ago. Looks like another drop to around $3.80 is possible based
on symmetry. Hope to be out of this trade by mid-december for
minimum +150%.
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RF
Posted by jacksoncrack on 10th of Nov 2011 at 02:01 pm
I think rp originally put me onto this one as a falling wedge. Looks like a pretty standard inverse head and shoulders, with maybe another 2 weeks of consolidation. Doesnt hurt that its trading at .37 to book value. Was trading at twice this when earnings were bleeding, last three quarters are green (however fishy the accounting is).
Picked up $4 and $5 May '12 calls at .60 and .36 a couple weeks ago. Looks like another drop to around $3.80 is possible based on symmetry. Hope to be out of this trade by mid-december for minimum +150%.