CLR - Continental Resources Inc (CLR) has been an independent oil and gas exploration company since 1967, though the company only went public in May of 2007. It has reserves totaling 134.6 MMBoe, 77% of which are filled with oil (the rest with natural gas). 82% are located in the Rocky Mountains. Continental's reserves are concentrated in regions that have seen little attention from larger, publicly-traded companies because of the high cost of developing them.
Trade research - Earning 8/9/2012 at 9am earning conf call.
Earning date Feb 23 -2012 - No Direction bias and we will like to see how it could be traded through options.
On 23 price opened between 91.50 and 92.50. Once the price is at 92.50 best to take March strangle 90/95. This shows a spread of 4.60/5.40 but a middle price will work.
March 90 put - 2.70
March 95 call - 2.25
Total - 5.0 $
We had earning at 10.0 am we can have an easy exit around 6.0 $(5.90 - 6.30)
At 8.41 CLR price hit 90.0 we can buy straddle 6.90 /7.40
March 90 put -3.90
March 90 Call- 3.40
at 10 am it will hit 9/9.60 spread.
For 11/3/2011 earning day
CLR - 60 to 61
straddle 60 is between - 5.55 and 5.95. Not sure if 5.75 will get hit for say 5 options.
same day exit 6.65 /7.00 -- so easily we can get a 10/20 percent hit. profit stop at 6.75 will get it.
Not researching 8/4/11 as it was volatile august period.
Last earning analysis of 2/8/11 - this was low range day. earning at 9am. at 8.30 amprice was around 62.50. so a strangle attempt.
60 put/65 call at 1 to 1.25 spread. easy purchase at 1.15.
we can exit probably at 80/90 cent. there was not much move at all. so this trade is a loss.
Next post will research PCLN -
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