LEAP Wireless Seeing Larger Lots Trade In The Bid

LEAP has been trading sideways…again. It was last week too, but fell to a new 52 week low. However, the past two days bids are huge compared to the last month. On the bid side there are 200k lots showing up and probably supporting the sideways trading level for now. As well, in the past two days a frenzy of large lot bids into the close. Different that the last month with large lots on the ask. Large short interest in the stock, possibly traders have had enough as options expiration approaches for November.

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By SSTtrader | November 18, 2009 | Watch List | 1 Comment |
  • daytrader

    If today could have been the 21 of November, it would have made three years in a row that LEAP has made a short term bottom on this day. So far, todays trading action seems to suggest that 2009 may not be much different despite the one day difference.

    I’m not convinced that the news of a PCS LEAP merger had anything to do with this move considering this rumor/news flow has been around for a long time. Todays 12% move in LEAP was expected.

    I read a post on another discussion board early of todays large move in LEAP. It warned of an “unpredictable LEAP” trading action. I don’t know what is so unpredictable about LEAP, the past 5 months all this stock has done is gone down.

    Today was as predictable a day as the past 150 if you ask me, I wrote about it in Trading Concepts for LEAP. Will it last longer is a fair question?