In to a $360 put for $19.00 (Friday expiry)
The Super Terrific Happy Hour
- Thread starter Max E.
- Start date
I was in the middle of this bar:
I need to be in the middle of a bar today too.I was in the middle of this bar:
Ugh...sooo many shares on the bid side!
I expect this one to grind down like yesterday towards 3:45. Dunno which way it goes towards the bell.
I expect this one to grind down like yesterday towards 3:45. Dunno which way it goes towards the bell.
Its just me, but id bail on the CMG sort, it could easily snap back to 375 with a decent green bar, basically your just betting on earnings, it wont go down much further than this until then.
It keeps testing my stop. This is definitely one that will lighten up on risk before the earnings release. Anyone who held short overnight got stopped out, so we should have less short interest than yesterday, and presumably bulls saw the same patterns I did yesterday for definitely not holding overnight, and they got in. So there should be more long shares to dump towards the end of the day...at least until institutional starts in at 3:45.
I dunno. I think it might be a good trade for him. Lets put the norovirus and mice aside for a minute.
They guided down their same store sales last month... but I still think they are gonna come in lighter than forecast. Couple that with the Street's fears, that lofty PE, an activist investor thats going to demand righting the ship over continued growth near term.... its probably got a decent chance of paying off. It is a tough call though. Had the norovirus not hit and it was still at $400, $370 would be a no-brainer earnings trade imo.
Tough one.....
*sigh* stopped out at 18.80. No real harm done. The bid (what I base my stop on) probably came within .02 of my stop on 8 separate occasions. Finally pushed through 347.37.
I dont think its a bad short from 400 but i wouldnt be chasing it down here, next move is most likely to 375, unless you have padding its hard to hold through that.
I definitely wouldn't play the CMG earnings. The market is too pessimistic. Even an earnings miss could send this higher. The bulls are definitely ready to jump in and run with this one.