No Pain, No Gain: Pain Therapeutics (PTIE)
by Houghton and Atkeson 09/11/08
Pain Therapeutics (PTIE) is a biotechnology company developing drugs from pain management. Biotechnology stocks are incredibly volatile and unpredictable.
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In any event, options investors bought the PTIE Jan 7.50-5 Put (UQMU/UQMA) spreads 10,000 times today. This represents 67 time the normal volume.
Clearly, the bet is that gains can be made from PTIE's pain between now and early next year.
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In the short-term, the government's bond auction is likely to be a key driver of stocks.
Treasury Auction Boosts Market
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The market seems to be saying that a 30% move up from the lows is ahead of the real economy and the market needs to allow the economy to catch up.
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