Some Traders Eye RFX As a Bounce Play After Recent Pouncing

Some traders are eyeing Refco, Inc. (NYSE: RFX) as a bounce-play after the stock has been beaten up the past few sessions regarding its discovery of a receivable owed to the Company by an entity controlled by Phillip R. Bennett, its CEO. The stock is down from $28.56 to its current price of $13.85 since disclosing the news. Traders see a possible bounce on short covering and bottom-fishing, but they also note that risks are still very high given the nature of the disclosure.

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