OceanFreight Inc fka OCNF

[valuzzzz]

Call Volume Accelerates on OceanFreight Inc.

Noticed this from Schaeffers Research last Friday afternoon. Company should be reporting soon as well. In the meantime dilution has continued.

Call Volume Accelerates on OceanFreight Inc.
5/8/2009 2:08 PM

http://www.schaeffersresearch.com/commentary/content/call+volume+accelerates+on+oceanfreight+inc/trading_floor_blog.aspx??single=true&blogid=92867

Keywords:
OCNF


Option players are betting on a rebound for OceanFreight Inc. (OCNF), which has shed a whopping 94% of its value during the past 52 weeks. During the past five sessions, traders on the International Securities Exchange (ISE) have bought to open 1,876 calls, with zero puts crossing the tape.

OCNF SOIRAs you might expect for a stock trading below $2 per share, speculative investors have set their sights on OCNF's 2.50-strike calls. In the May series, this out-of-the-money option is home to peak call open interest of 4,052 contracts, while the June 2.50 call boasts open interest of 4,494 contracts.

As traders snap up the stock's calls, OCNF's Schaeffer's put/call open interest ratio (SOIR) has plummeted from its mid-April peak of 0.57 to its current perch at 0.12, indicating that calls are nearly 10 times more prevalent than puts among options set to expire within three months.

Elsewhere, many short sellers have hit the exits on OCNF. Short interest on the shares fell by 23.2% during the most recent reporting period, and now accounts for just 1.8% of the equity's available float.

Meanwhile, on the charts, OCNF is struggling to notch another weekly close above its 10-week moving average. The shares have finished two of the last three weeks above this resistant trendline.

-posted by Elizabeth Harrow
5/8/2009 2:08 PM