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Strategies & Market Trends : Tech Stock Options
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To: Nancy who wrote (6176)3/19/1997 1:15:00 PM
From: Tom Trader   of 58727
 
Nancy, I sold covered LEAP calls --strike 90--- on INTC.

I am looking to close out this short position--at a loss. Not sure that you should use this as a rationale for establishing new long positions. I think that INTC has some support at 125-127 and better support at the 100-112 level. If you are looking to establish a long position on INTC using LEAPS, you may want to scale into it. If the sell off in the tech stocks accelerates, INTC could come down hard.

I have held my long position in INTC for a very long time and have been looking for an opportunity to close out the short calls for quite some time.

I hope that the market is treating you kindly.
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