Something to bear in mind- possibly a positive for both FMG stock and the price of IO in the coming week - is that tonight is US options expiry night and it's a big one, being EOQ..
Usually, a stock price tends to gravitate towards particular prices at the expiration date, a situation known as the theory of maximum pain. Basically, the theory says that stock prices will gravitate towards the strike price where the biggest chunk of the options contract will expire worthlessly.In other words, the maximum pain price can be found where options contracts are worth the least.
This also applies to commodities, which might explain recent big drops in IO, gold, platinum, natural gas, silver, copper, aluminium etc... once this option expiry manipulation is out of the way a new cycle may begin with potential for some upside in the coming quarter.
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