13-12-07 : RIMM still bearish

Last nite RIMM is bearish. RIMM is our put trade. However, $100 stil holds in the end. THus I change the target to put to below $98.

Even though $100 holds, but the box is now 98-100, no longer 100-106. I see this as potential weakness to drop further. Thus call is not advisable.

For put, our original plan is to buy the Jan08 $100 put @ $11. Now the put is $10. It dropped $1. The closing on Tues is $98. The closing last nite is $100. Thus price essentially up $2, and put option drops $1. Delta of 0.50. Fair enough.

Can we interpret this small price movement as Break 100 down to 98, back to 100, then down again to $90?? Is this a small small rebound?

If I am right, then tonite we will see RIMM down further.

15min chart
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