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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: jack c rains who wrote (6640)12/19/1996 2:13:00 PM
From: Robert S. Johnson   of 186894
 
Jack -

Yesterday I sold some Intel Dec130 Calls mid-afternoon at $5
because I sensed (??) the Intel MMs would start to bring Intel back down...to compound this bonehead move I then jumped into Dec130 Puts
to prepare for the MM unwinding of INTC to just under 130.

So right now (2:05pm) my strategy doesn't look too good, but when I observe the 23,000 outstanding Dec Calls at 130 and 135
I have to think the MMs would really prefer to be just under 130
so they could keep the lion's share of their call premiums.

However even 23,000 contracts 'only' represent 2.3 million shares
of Intel, or approximately 20% of the daily volume..... so perhaps MMs
are only able to finesse, and not really overtly manipulate the INTC
share price.

So I'll only look smart if there is a sudden reversal late this afternoon. We'll see.

Thanks.
BJ
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