I guessed SNSS would tank hard but GTAT filing BK? $11 to $.75 RTQ.

J

JesseJamesFinn

Wow, GTAT and SNSS both blew up today, I did not see GTAT's going BK did you? Without warning the stock goes from $11 to $.75, I hope somebody here made a killing with the $10 Puts, did anyone see their financial position being this bad?

How did Wall Street miss their financial mess, SNSS was easy to see because the Calls and Puts were half the price of the stock showing the risk was huge but GTAT did not have any clues showing their financial mess.
 
http://blogs.barrons.com/techtrader...-back-asks-gilford/?mod=yahoobarrons&ru=yahoo


Here's one theory why this caught so many off-guard, Apple must be pissed off.


I bought the $11 Calls on Thursday for $.15 and $.20 and sold them at $.35-$.40 because I thought it was in a stuck trading range. This shows you how bad our friends on Fast Money don't know anything. One of the Elite members recommend I stop watching Fast Money and Mad Money because they are all idiots. Guy uses the Option Radar we all have access to at Barcharts and CBOE, one of them were reading what the newswires said about a Hedge Fund building a massive Short on GPRO at $79-$85, what is Guy's job if he is wrong along with Jim Crammer so often? Also how long can they hold a Short position before a Buyin take's place?

Thank's to the poster who told me to avoid Fast Money and Mad Money, I stopped watching and listening to them because they don't have any more clues than we have access to.
 
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If you watch Fast Money can you tell me what Guy tell's his followers to do to repair the damage of listening to his terrible advice. The Options Market Makers sure got slammed if they sold "Naked Puts" and all the Covered Call writers got slammed too, no Premium could absorb such huge craters. Thank's for posting Guy's words, shows how the buck stops with us, we are in control and never should allow others to take this away by following their advice.

Somebody bought a large amount of Calls and Puts over 5000 last week, it was one trader who bought the 5000 Puts, did he have inside information.
 
I sold naked puts on GTAT three or four times 18 to 24 months ago. Made money. I was in it from the solar angle and stopped following it about a year ago when all the Apple hype started (plus the CEO was way overpaid given the size of the company and its performance). I noticed the sharp fall from $17 to $11 after the Apple product announcements didn't include much Sapphire glass. Put it on my research list for the next week or two; glad I never got to it.
 
BillyJoe, exactly! When I bought those $11 Calls last Thursday you could tell nobody had any clue this information was coming, GTAT kept their lips quite or we would have seen some massive Put buyers. I have had friends offering inside-information I declined and they traded off of, each guy who used the inside-info is no longer Trading, Hoodoo catches up even with Inside Info. GTAT's chart looked downward biased and as you said, "being a supplier of Apple is tough", Apple is a terrible company, no loyalty to their suppliers and want their price point with little margin for their partners.


Brighton, glad you made bank and avoided getting hammered, I usually sell Naked Calls with stocks with a strong upward bias, Apple was a great stock I sold some $98 Puts over the last few weeks because it's a stock I am happy to own with their current product cycle.


The Options Market is amazing, watching stocks like SNSS get priced to perfect $3.40 Puts for a $7.00 stock tells you your chances are less than 50%. If this link is recorded, check it out.

https://cc.callinfo.com/cc/s/registrations/new?cid=10i44o0339y92
 
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