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BIDU Shorts Starting To Cover

From the looks of it the Market Makers who have been shorting BIDU for the past couple of weeks are starting to get active on the buy side.

Shouldn't come as a surprise since the stock is tremendously oversold. It kind of looks like AAPL did a week ago before it 10% bounce. Looking more and more like a coiled spring that just can't contract any further.

TMBR, FBRC have been active on the buy side, along with the cboe. The cboe buying is usually options market makers positioning themselves for a move against the trend.

There is some large open put positions at the 100 & 105 strikes. Look for any rally to test the greed of the holders of those strikes, and possibly draw to the 110 which has some nice open interest on the call side.

Just like AAPl, it is acting like there maybe some news coming.

Good Luck!!

Disclosure: I am long BIDU, AAPL.