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Bigger volume buyers stepping up around $26.50. I think most of the move today can be attributed to overall market weakness and OPEC announcing production hikes - which lowered the price of oil.
@archdukefranzie It's frequently up pre market on low trading volume. Unless you see several hundred thousand shares traded pre market in combination with a price increase, it means nothing and will return close to the previous day's price before market opens.
Closed out some Feb $SOC calls and took profits this morning during the push up to $32. Still holding shares and further dated calls. Thanks for getting this on my radar. @JasonStrom84409
@DeckoDeck903@JasonStrom84409 The amount they paid for the rigs, pipeline, processing facilities, etc was at a deep discount. It was a calculated risk/bet that they could overcome regulatory hurdles. And if they win they like likely at least 10x their initial investment to acquire the assets.
@Carflos223Matos@100xCompounding I think this is probably less likely scenario, but it could be short sellers stepping up to borrow and sell a lot of shares.
Most holders I wouldn't think would be selling out at this point, unless they feel the story has finished playing out.