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I saw some "smartly" placed over flow in the Dec calls; the 70, 75 and 80 lines reeping $6 million in profits from the "surprise" CHTT take over by SNY.
So what? Well, how about this story available on the LIVEVOL™ Pro (News Tab) from M2 Communications (click the image below to enlarge):
"The SEC alleges that Nicolas Patrick Benoit Condroyer and Gilles Robert Roger, who reside in Brussels, Belgium, purchased hundreds of "out-of-the-money" call option contracts for stock in Chattem, Inc... Condroyer and Roger purchased the contracts in newly-opened U.S. option brokerage accounts while in possession of material, nonpublic information regarding the impending acquisition...
December 21, Condroyer and Roger immediately sold all of their options for illicit profits of approximately $4.2 million. The SEC filed insider trading charges against them the very next day."
It seems 70% ($4.2/$6) of that $6 million was in fact allegedly insider trading. Bad boys...
And who says watching order flow can't win?
Legal Stuff:
http://www.livevolpro.com/help/disclaimer_legal.html
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