RE:Low Volume but I am in with $46 and $48 October Calls
I think BTE's quarter results are fine, but not a surprise. The market probably will be OK. We are worried about "sell in May" and the midterm election. Often stocks peak in April in a midterm election year. In addition to the seasonalities, we also got a DOW theory "non-confirmation". The transportation has been making new highs, higher highs, but DOW was making lower high not a higher high or new high. That was a negative divergence which may result in a trend change. Yesterday DOW made a new high and the "non-confirmation" now is gone, meaning the bull trend continues. But I would like to watch NASDAQ closely. It made a higher low. We need to see a higher high, need to see it breaks the 50 day average. The price of crude oil is also a concern. Many strategists believe the price is at its peak again because short selling by oil producers is at a record level. However, there are still opportunities. I believe that Canadian oil producers are seriously undervalued. Recent rally in these stocks probably is only a start. I am still holding Suncor's options, sold some, bought some, now holding 70. I believe Suncor benefits from Keystone's delay because now their refinery in Montreal can use cheap Canadian oil through rail. And the Energy East projects will help them even more. Today I bought 10 BTE Jun44 call options at $1.7 a piece. But I also hold cash. I could be wrong again.