In Good Company on Bristol-Myers

I've been eyeing this volatility squeeze on Bristol-Myers Squibb (BMY) for a bit. We appear to be getting a breakout today, and even though I'm a bit slower than our own Helene Meisler getting involved here, I don't think it's too late. I also like the fact this name is one she likes. I'm not stealing it, I'm simply choosing to stand in good company. 

I do feel we could see some pushback at $60, but this could absolutely have legs into the mid-$60s by October. There is a dividend of $0.39 a share in early October, which I needed to consider since I had my eyes on October calls. Given my expectation that we'll pause at $60 before pushing higher along with the October dividend, I want to pair a short leg with my long leg to provide some offset to time decay. Furthermore, I want to be in-the-money on the long side to further limit time decay. ...108 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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