Thursday, November 12, 2009
Genco Shipping (GNK) Hits $25 Target
Genco (GNK) has been in rally mode since $19.50 & hit my near term targetof $25. Thos who did not initiate the covered call suggestion, should take some profits or consider selling the Jan $25 to reduce their cost basis. So what's next? My indicators point to a pullback to the $21 level, at which I'll consider possibly buying back the calls as time decay kicks in, or perhaps rolling up & out. Or may just decide to let the shares get called...we'll see as we approach opex.
Interesting report today ~read story~
*click on chart to expand image