ETFC rebounds
Nevermind the release - it was bad news.
The important thing was that they are nowhere near bankruptcy and can now build going forward.
The market liked what they saw, even with the big miss, and ETFC was trading ~$4 in afterhours.
I talked about buying back the calls, and that would have been a nice play, but a greedy one. lets take our gains and move on.
Well, at least we'll see. Tomorrow is expiration day and anything can happen. The market continues to shrug off the steady drumbeat of negative economic news. They like the few positive notes that the big companies are showing. And the big jump yesterday may mean shorts will have to cover.
Looking past tomorrow, I would say the market will weaken. Short covering drove much of the growth yesterday and today. That ends next week and it's business back to normal.
The important thing was that they are nowhere near bankruptcy and can now build going forward.
The market liked what they saw, even with the big miss, and ETFC was trading ~$4 in afterhours.
I talked about buying back the calls, and that would have been a nice play, but a greedy one. lets take our gains and move on.
Well, at least we'll see. Tomorrow is expiration day and anything can happen. The market continues to shrug off the steady drumbeat of negative economic news. They like the few positive notes that the big companies are showing. And the big jump yesterday may mean shorts will have to cover.
Looking past tomorrow, I would say the market will weaken. Short covering drove much of the growth yesterday and today. That ends next week and it's business back to normal.
posted by Andrew at
6:57 PM
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