BIDU - OK what's next for this bad boy 105? 125? 155? 75?
- Thread starter iceman1
- Start date
that was the morning's news.
IF i would listen to myself more often i might actually get somewhere! Don't know why I didn't sell more long calls earlier this week. i have been trying to lift longs and convert to a more bearish stance; but hard to do when BIDU goes up 5 points a day. got caught a little off-guard today but have shorts. compounded things by selling the 115 puts a little too soon/cheap, and although it is likely they expire worthless, made things a little complicated.
we need some station on satellite radio that tells us when a gap is scheduled to be filled or precursor to higher prices, first!!?
DAMN
M
Fark, missed today's move.
Perhaps there will be a just as violent bounce to play?
Perhaps there will be a just as violent bounce to play?
Quote from iceman1:
did you sit tight ? if so are you enjoying being short now?
yeah. in fact, early today I sold 130 dec calls I bought yesterday (on the dip in 122 zone before it took off again) and managed a tiny profit (no loss at least), then watched it tumble. I don't like holding long options on bidu for long -- so expensive -- IV is so high. It might be a good stock to sell strangles on...
And if we are even higher on earnings date, I'll pull a rearden metal and sell some calls ...
my basis is 119.20 and I reduced my short position today, locking in on the move. Relieved. I am setting a new sell order somewhere in the 130 zone in case we make it back. Maybe add another sell up higher too.... This thing is absolutely nuts ... This thing should be at 100 or less, no doubt though. easy 10-20 pts if you can weather a little volatility. its nice when a stock can move so much on unsubstantiated rumours ... the movement of this stock would almost have you believe we're in a bubble .. but then just look at a company like Motorola or Sandisk for a reminder we're not.
Picked up some calls just afte the open near the lows today. Will see it this thing can grow legs today.
EliteTrader - all BIDU, all the time
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EliteTrader - all BIDU, all the time
__________________
Please, I'm not a daytrader, I'm an "Intraday Liquidity Provider"
1-888-TRADEUP
Quote from iceman1:
it could go down another 3+ but judging from the last gap fill it V-bottomed like a feeding frenzy! does history repeat? I say OUI !
IcE
well history kinda repeated itself >> we got a decent v-bottom trade; only problem for me is gap did not completely fill (in fact prices typically exceed the gap)....... which to me means there will "likely" be more downside> down the road. i think today's buying when prices entered into the gap was a knee jerk reaction by players wanting to pre-empt and finesse a trade, and does not (to me) represent any meaningful support.
could be wrong and maybe it goes to 130 next week. Truth is i'm not sure what direction is next.
Anyone got some educated analysis (guess) on this schizoid!
You are right, on 60 min chart the gap is not filled. I wonder if this is a typical 1-2-3 down move, and that today was the '2', the bounce up. And maybe the 3, the final down leg will occur?
How to know: - I simply trade the pivot points. Right now it is sitting on its pivot! Around 121. To me the pivot point is the bull/bear line. Bullish above it, bearish below. JMHO!