ONP rebounded just as we suspected today to the tune of 43% which has to be the biggest one day percentage gain I have ever made on a single stock and produced over $1200 in gain for me! This gain was spurred by huge volume again coupled with news calling the muddy waters research a fraud. We saw this coming yesterday after reviewing the information that came from the muddy waters report, the rebuttal from ONP, and information from other analysts that have previously done research on the company. This is why we need to constantly monitor our positions on a daily basis and review our reasons for owning the stock at least weekly.
This plane still hasn't reached cruising altitude yet so don't be afraid to book your ticket to fly the second leg of the flight. ONP is still down from the point the shady fellows at muddy waters began laying their short assault on the stock which I believe to be in the $8-$8.50 range. Couple this with the other two analysts target prices of $15 and $16/share respectively and I expect it to return to the $8-$10 range again.
The orders for Tuesday:
Sell Feb 11 $10 calls for $1.15/contract
Sell Feb 11 $12.5 calls for $.70/contract
Sell more Nov $5 puts for $.70/contact
If you don't yet have a position in ONP I would consider selling the Nov $7.5 puts for $1.75
Anyone else have origami paper plays?
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