RIMM – Research In Motion (Last:69.17)

Someone in the chat room mentioned rumors of a Microsoft takeover of this stock, and although this sounds completely bogus, I thought I’d take a look at RIMM nevertheless.  On the bigger intraday charts, it looks to be struggling to hurdle a midpoint resistance at 67.55 that was ten weeks in coming.  If the pivot gives way, the breach would become decisive on a two-day close above that number. The minimum upside target would then be 74.70, so calendar spreading the 75 strike is the way to go. For now, bid 2.40 for four June 75-March 75 call spreads, contingent on the stock trading 66.40 or higher. I would prefer to leg into this spread, buying the March calls first on a drop in the underlying stock. At the moment, however, RIMM looks too feisty to oblige. Please let me know in the chat room if you fill the order, since I can establish a tracking position for your further guidance. _______ UPDATECancel the order. The stock is running away to the upside, leaving our niggardly bid in the dust. Next stop:  71.79.