Last night there was a mega block of GE Stock traded at 15:10:00 with Price $8:16 equaling 6,297,443 shares bought. The total came out to $51,387,134.88 worth of GE, most likely by an institutional investor (possibly the hedge who was in on the short? That is not for certain.) Culp and his insider cronies have bought over $3M in stock since the Markopolis accusations, and banks associated with GE have also began purchasing which results in the current buy walls between 8.18 and 8.00.
The volume of puts that have been placed between now and Sept 1st are massive. However, the buying action has also resulted in call options being placed > $8.00, but at half the volume of the puts. Regardless, Wall St. loves when options expire, so I expect that significant resistance remains between now and the end of the month.
Markopolis said he would release some more of the details in his report, but he did not say what they would be or when. The way I see it, GE called in all their reinforcements, banks, and homies to buy up stock so that the price would not crash amid the volume of shorts and stock sales. It would be much more difficult to control and recover price in midst of a crash and possible spiral, so they put up the Wall of the North that only a fucking zombie dragon or tens of millions in short/sale volume to break thru. Beautiful big dick move.
GE will get hazed and pay for its crimes, I think that is inevitable. However, if you’re holding on to 8/23 or 8/30 puts, you might wanna consider this behavior in volume because it seems that it may take longer than expected before GE takes a hard boner in the ass. Thoughts?
Edit: I hope I am wrong.
Disclaimer: Consult your financial professional before making any investment decision.