Our VSTR Call On Jan. 31…
I know it’s a bit
gauche to toot your own horn, but if I don’t, perhaps someone out there
might not realize exactly the sort of pearls that are hidden in our oysters.
Besides, it makes us feel good to ring the bell and we hope many of you are
profiting from this particular move as well.
The specific trade I am talking about is the one I detailed in our Jan.
31 commentary about VoiceStream Wireless
(
VSTR |
Quote |
Chart |
News |
PowerRating).
Our scans picked up unusual activity in the Feb 90 and 105 puts, despite the
fact that VSTR was trading $124. The institutional interest in the puts
(bearish) was pretty remarkable and if you take a glance at the chart you will
note that VSTR has hardly had an uptick since our call. There are no free
lunches, but if you pay attention to what the market is saying, you may find
your subscription to TradingMarkets.com is even more valuable than you
thought!
As far as today’s activity goes, Nortel
(
NT |
Quote |
Chart |
News |
PowerRating) is the big news and its options dominate the activity on several
exchanges. The downdraft is pulling Corning
(
GLW |
Quote |
Chart |
News |
PowerRating)
and a host of others lower and we don’t see any real bounce holding, or
saving this ugly session. Perhaps the best thing is that we get a three-day
weekend to let the battered bulls lick their wounds.