The ORC December $70 calls spiked above our $2.40 buy limit shortly after I sent out the Trade Alert, and they failed to move back to our limit before the close. The time to get in was too short to log it as an open trade for us. It was an odd scenario in which the stock itself was coming down but the options were going up, another indication of the heightened activity in options that I mentioned in the initial alert. Let’s maintain our $2.40 limit order for now, as we could see a pullback Monday morning.
I will watching how Omnicare (OCR) trades premarket, and if it looks like the option will continue to move higher, I will e-mail you right away with what to do next. If we are able to get in Monday morning, I will post an additional update in the Update Center, so make sure to check back there as well. Have a great weekend, and I’ll talk to you early next week.