SDRL is another oil name that’s going parabolic…
I’m short biased here but this is tougher to trade. The options board not as liquid as it’s a lower priced name… I may just place some bids on the Mar 4 puts and maybe I’ll get filled into the close.
It’s very possible the commodity complex squeezes into end of day… it *is* Friday and if you’re short you may not want to be putting on swings into the weekend because you never know if that company you’re betting against gets taken out. For example there are some rumors about NE being bought out and that’s getting the stock to ramp up 13%.
So two ways to daytrade this. If we get a lunchtime chop look for the break of the midday range below and press short there.
If not, it’s probably best to wait to next week to see if you can get some better short entries.