Almost a month after the big plunge, shares in Optimal Group (NASDAQ:OPMR
) look like they have put in a bottom. Don't get me wrong -- I don't think new highs are in OPMR's near future. But Optimal's balance sheet is strong
and its non-gaming business will certainly carry on regardless of any restrictions imposed on the gaming side.
I still am short Nov 7.5 puts, which have collapsed and should expire worthless barring a second leg down.
Disclosure: I am short OPMR puts (a bullish position).
OPMR 1-yr chart:
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