https://www.bloomberg.com/news/articles/2017-10-10/short-seller-cohodes-unveils-overstock-long-in-u-turn-on-old-foe
- Overstock.com shares surged to four-year highs as investors bet on the company's investment in blockchain, the technology behind bitcoin.
- Attention on the viability of blockchain has grown as IBM and JPMorgan Chase separately announced this week they are working on a blockchain-based platform to improve the efficiency of global payments.
- Long-time short seller Marc Cohodes also cited the potential of blockchain when he recommended Overstock.com in a presentation last week.
Opening up a market for ICOs is a huge deal. It's an even bigger deal that an established company like Overstock is the one starting it. This marks a historical occasion as it brings big attention to block chain technology as a whole to the traditional investor. It also marks a huge milestone in the adoption of cryptocurrencies as legitimate financial vehicles.
This can be a huge money maker for Overstock once it launches, and will bring more volume to the cryptocurrency market as a whole, bringing it the attention it deserves.
*I have no position in Overstock ($OSTK), but may be going long in this stock in the next 72 hours. Looking for an entry in the $33-$35 range with a PT of $48 and a stop loss of $29.*
**Disclaimer: These are just my opinions and should not be considered trading advice. All Star Trading Team and myself do not endorse buying or selling of any of the tickers discussed. All Star Trading Team and myself may have positions in some of the tickers mentioned. All Star Trading Team and myself are not compensated by any company, investment firm, or individual to express specific opinions of any tickers we analyze. Trading securities inherits risk, All Star Trading Team and myself assume no responsibility for capital lost based on the opinions expressed in this blog.
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