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Technology Stocks : IBM
IBM 308.58+1.8%Nov 28 9:30 AM EST
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To: Ben Antanaitis who wrote (5359)7/4/1999 10:47:00 AM
From: James F. Hopkins  Read Replies (1) of 8218
 
Hi Ben; Thanx a lot for keeping up that page, I didn't know it was
yours but have visited it many times and find it very useful.

Do you think that once a certain point is reached like with the
large open interest in IBMGT ( July 100 ) calls that the original
sellers likely bought more of the stock as it went by there and
sold more options at a higher strike. ?
Sort of like once a stock passes it's max pain as far as IBM has
it causes even more momentum ?
---------------

I just do a seatofpants thingy in graphing some of the larger
OI and try to put myself in the call writers shoes. Most of
the 100s were wrote back when she was 85-90 , they went as
high as $45 when she was only not long ago 120 , ( a $25 premo)
she is now 132 and they have lost most of their premo.

However the longer term leaps still have more premo built in than
the longer term puts, so demand for the calls seems to be up and
could take the stock higher. Short term I think there will be
a pull back but I think maybe it's passed max pain too
far to go all the way back there as they likely covered some
of that and will let stock get called.
Sort of ironic that earnings come out two days after option
expiration ? She is trading more like an internet stock than
main frame blue chip, except that she ran up when the nuts
were going down, so as the nuts start back up will money roll
out of this and back to them ?
So far it don't show taht.
Jim
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