Robert and All: The following is what I posted on Prodigy Intc-Bounce bb this evening:
Board: MONEY TALK Topic: STOCKS A-M
Subject: INTC-BOUNCE
TO: WYQP23E
All: Well, today we did have a really bullish scenario. The
Dow and S&P were up much more than the Nasdaq - and Intel
and many of the good tech stocks seemed to be treading water
later in the day. Thus, while I had the chance - I sold out
of my calls 1/4 point off the high, which was a miracle
considering what happened later. Of course, later Intel went
on back some to close off of its highs. The 137 1/2 closing
was just one tick above its gap opening today. Earlier in
the day after it gapped, it fell back but never closed the
gap - so basically was okay for most of the day, but
weakening at the end. Some large block trades crossed on
downticks. I still have some warrants left and those will
help me keep interested tomorrow until the options markets
open again. I'll take a look at it and see if I want to make
any changes to my positions. Usually after a really good day
like today in the markets, they sell off some the next day.
I suspect if we do get that tomorrow, it may not be until
after they have went up and the options MMs run everybody in
at the high price. Intel during the past 2 months has sold
off on Friday's expiration day. As it is now, the MMs can
take Intel either direction to 135 or 140 or they can end up
the day leaving it right in the middle again. These guys
aren't dumb; they know that they can move Intel back and
forth across this middle pulling people in from both sides
in both puts and calls. Meanwhile, their buy low, sell
higher strategy makes them lots of money for their own
accounts.
In conclusion, all market indexes are above their 50 day MA
lines now and all have turned up in the scochastics to be in
the neutral zone close to the middle. Watch the gaps and
whether we go to higher highs or lower lows in the
individual stocks (including Intel) to get an idea of how to
play it. Good trading. Jack
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