"Bottom" Play on PETS
Updated
A negative article smacked PETS down over 40% in just a few weeks. Since then it has leveled off and seems to be close to squeezing some shorts out. Volume has NOT confirmed a move, but price action has hinted at one, with the highest close (and first over 8 ema) since the final meltdown on 8/23. This isn't my most confident play, but I love the gains from these bounces (See TEVA today...which I was playing weekly calls on the last 3 weeks, and failed to get one last friday for this week...smh).
Entry over 37.44 with big volume
Tight stop at 36.50
(always tight stops on these plays, OR, I usually just buy calls with the amount I'm willing to risk and let it go to zero)
Potential price target over $41
Entry over 37.44 with big volume
Tight stop at 36.50
(always tight stops on these plays, OR, I usually just buy calls with the amount I'm willing to risk and let it go to zero)
Potential price target over $41
Note
Entered OCT 20 calls with 45 strike. Paid .35, volume isn't strong, but I like the risk reward here for this to play out in the next month.Note
Up to .40 bid at close. Stock looking solid with increased volume. I like my chances to make 100% on my options this week, although it can take a month still and I'd be ok with that ;)Note
Worked day one, failed day two. Today was an impressive save from dropping so we'll see what comes of this. I'm holding my call to 0 if necessary, only have one.
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