I don't know how many of you have been following the Lenny Dykstra AMGN saga over on Adam's Daily Options site but it is both hilarious and actually something I would expect to see related to Jimmy Crack Corn Pone. Go take a look and hurry back - I have to add my two cents.
Today's chapter has one of the Real Money boys, Dan Fitz saying
On March 16, he noted that the decline in the stock was unexpected, but equated it to batting averages. He also urged to look at the true value of a company, not its most recent performance.Now I had to go see this stock for myself and here it is -
And Lenny has 58 large in this play. Now I don't really give a crap how much Lenny Dykstra has in the game or how many loyal followers he has as deeply involved as he is - what I want to know is - what did anyone see in this stock since, oh say the middle of January, that would convince anyone to put that much money into it? And once in - why continue to double down?
And just for the record the July 55 calls are now worth about 46K so he's down 12 large. And there is no guarantee that this pile of steaming dung won't resume the fall on Monday. Earnings are on the 19th and that means a week to get back a lot of money and that isn't going to happen. I hope he gets a good number.