SPDR S&P 500 ETF (SPY) – Options Recap
Our first options idea of this short week turned out to be a rousing success by all accounts. We noted the change in the tides regarding a general market rebound aided by a healthy surge for oil, and proposed a range of weekly contracts in the SPY to help us leverage some gain opportunities out of those conditions. We signaled our interest in the SPY Weekly $188-191 Calls and were met with some very good chances as the SPY itself steadily pushed from 187.63 to 189.81, closing very close to that high mark.
As a result, all eight of our observed contracts enjoyed significant surges. We’ll simply provide a range of the possible gains in the interest of time. The $188 Calls traded up from 1.64-2.65 for gains of up to 72% while at the other end of the spectrum, the $191’s ran 123% from .39-.87. Again- commensurate gains were available anywhere in that $188-191 Range.
This morning it appears as if those figures will be extended as the SPY once again gaps up in the premarket, having already breached into the $190’s; we’ll be on the lookout for a possible dip-and-rip. Another boost for the markets today would mark the first three-day rally of 2016.
Great Basin Scientific, Inc. GBSN
We had been passively monitoring GBSN for a bottom for quite some time when we finally decided to make mention of it in our morning report yesterday. The stock was in an overall downtrend for many months leading up to its all-time low which was recorded just last month.
We seem to have brought GBSN back into the fold at a very opportune moment, as yesterday marked one the stock’s largest single-session gains of the year so far. From its morning low of .1951, we watched as it shot to a daily high of .2698 which hashes out to a healthy intraday day pop of 38% on double its 3-month average volume.
Ideally we’d like to see GBSN maintain support above yesterday’s swing low while attempting to test the key area of current resistance at a previous swing high of .33.
Rockwell Medical, Inc. RMTI
Another notable mover from yesterday’s session is RMTI, which managed a strong push over the first couple hours of trading. The stock traded from a daily low of 6.90 on up to 8.63 on approximately four times its 3-month average volume, which represented a respectable 25% move up.
We’ll continue to keep an eye on RMTI moving forward, especially in light of the interesting PR to hit wires this morning alluding to a potentially lucrative agreement that puts the company in line to market its treatment for end-stage renal and chronic kidney diseases in China.
- Rockwell Medical Enters Into Exclusive License Agreement With Wanbang Biopharmaceutical Co., Ltd. to Commercialize Triferic® in China (Tue, Feb 16)
Other Notable Gainers
Provision Holding, Inc. PVHO
We tagged PVHO for observation in our report dated a week ago today, meaning it took just four sessions for this idea to yield a great opportunity for a lucrative swing-trade. We observed a low of .084 subsequent to that alert and the stock hasn’t looked back since. It has set higher highs in each ensuing session, culminating in yesterday’s high of .18. That marked a move of 114% so cheers to anyone who was along for the ride!
- Provision Holding Announces Quarterly Results (Wed 7:30AM EST)
- Provision 3D Kiosks Land in 3 New Major Markets (Tue, Feb 16)
Horsehead Holding Corp. ZINC(Q)
We introduced ZINCQ as ZINC a couple of weeks ago before the Q was appended, and despite the bankruptcy status, we’ve seen quite the move out of the stock.
We showed up slightly early to the party, introducing it as a bottom-watch play on the first of this month, but that just ensured that we had a chance to position ourselves before the fun began. Our observed low subsequent to that initial alert was .06 just a couple days hence, and that eventually gave way to yesterday’s impressive new high of .335, which marks an epic 458% run.
PKGM, PFSD, MINE, AWGI, ATOS, RGLS, CTIC, FLXN