This is it folks (extra Denninger). We’re either going into the cesspool of hell or hopping aboard the “deathsled” to bestow a great pain and misery, a final blow of sorts, to the childish morons who continuously short this market.
Last week the tape was week; but you wouldn’t know it by reading iBankCoin. The Option Addict pulled off one final “epic trade” for the ages, getting long massive quantities of TWTR December 50 calls, all done under $1. Some of his member inside of After Hours with Option Addict got in sub .20. Do you know where said options are trading now?
Almost $10.
Jeff bought a house with the proceeds, literally.
Just to put this trade into perspective, had you dropped $5k into the TWTR calls when he suggested, those same calls would be worth over $65,000 today.
Isn’t this what we’re here for?
As for my BALT position: I believe the Morgan Stanley analyst has it all wrong when he says GNK is an overhang on BALT, keeping the shares down due to uncertainty. I believe GNK is negotiating a pre-packaged bankruptcy and such an event will not affect BALT equity holders. Why else would Centerbridge take a 14% stake in BALT, just last month? They are most likely working with GNK on the bankruptcy details.
At any rate, I expect trading to be thin and volatile, as most hedge fund managers move to cash to lock in great gains. After all, these gents would like to get paid their $100 bonuses. Any hedge fund related sell off in December will most likely result in a January boom, so hang tight and pick your battles carefully.