TSX:TECK.A - Post by User
Post by
Markcalgaryon Jul 12, 2016 7:35pm
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Post# 25046515
Shorting steamrollers.....hmmmmmmm
Shorting steamrollers.....hmmmmmmm
Today I sold 4&7 dollar calls for Jan 2018 that I picked up in November, December and March. Figured that the upcoming quarterly would have to be wildly good just to keep the price where it is now. 2 of the accounts were registered, so no cap gain tax......the other was a cash account so will have to pay the piper on that one. Someone below mentioned shorting Teck........not sure I would do that....it's a bit of a freight train at the moment. Being a short presents a lot of risk here.....and I trade options in registered accounts. Just one announcement from Teck on something positive, and it could get some serious lift. According to the stats posted here on Teck, it's got a beta of 3+....that's pretty wild. My hope is that nothing happens, and that the world is not thrilled with the quarterly reports July 28....and then buy back in a few dollars cheaper. If I miss my guess, and it stays stable, I am not really out.....If I am wrong.........well.....I have been lucky enough to ride this off the lows, and
no one including me would feel sorry!
Shorts have mostly covered since March 30, and it's now back to historical levels, so the buy volume pressure from them is gone. I would be very careful shorting TCK going forward till just before the financials, and even then , I would probably wait for the tone of the call before acting.
Teck is is a base mineral play....an oil play.....a China play....a copper play...it has a lot of balls in the air at the moment, and it only takes one of them to fall to impact the story.
Good luck to the longs.....
Safe journey for the shorts
MC