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Technology Stocks : Intel Corporation (INTC)
INTC 50.59+4.9%Feb 6 9:30 AM EST
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To: Robert Hecht who wrote (6338)12/13/1996 4:43:00 PM
From: jack c rains   of 186894
 
Robert,Now you know why I said that I wouldn't have bought calls in Intel on Thursday; that it would be better to wait until Friday morning and see how things go. There was no question today that Intel was going nowhere except down. A weak Nasdaq with weak tech stocks was like a noose around Intel's neck. Of course, the way Intel acted today, they might have been the weaker link. Well, Intel is still a good company and if one is going to buy anything in the tech sector in this market - it should be Intel. Intel broke my support at the 133 to 133 1/2 area today - but nothing serious yet.
However, I'll be surprised if the MMs don't take Intel farther down in here before expiration day next Friday. Even then, they can bring it back up some off of the lower strike price that they hit during this last week. Incidentally, I bought my first stage Jan calls in Intel today near the end notwithstanding what I've already said in this note. Almost 10 points intraday off of Intel's top is just too much for me not to risk my first buy in here. On the other hand, IBM, Dell, and other tech stocks continue to break down, albeit very slowly in here today and I see no need for anybody to have come out of put positions that have been very profitable thus far. A significant closing at any time by IBM under 150 would signal to me that things are going to be a little worse than I've expected and those puts will be gold then. Any further breakdown by Intel here should test its next support around 129 to 130 area; then 125 area. Good trading. Jack.
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