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Technology Stocks : Intel Corporation (INTC)
INTC 41.97-4.1%10:55 AM EST

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To: Ibexx who wrote (95721)1/11/2000 10:52:00 PM
From: Craig M. Newmark  Read Replies (3) of 186894
 
Hi Ibexx,

I looked at the Web page you referred to. Since you brought it up, I'd appreciate any information you'd be willing to offer on two points:

1. Since the 20-day return he shows is not adjusted for movement in any market index, how useful are judgments using it?

2. The "put/call" ratios he reports for the last several years' worth of Intel pre-earnings periods are all greater than .60. Does this mean that the market has been uniformly pessimistic about Intel's earnings for the the past 4 years? How can that be? Further, how can that ratio be taken as a simple indicator of sentiment--even put on a percentile basis relative to other stocks--given the existence of hedging strategies and other complicated plays using options?

Craig Newmark
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