Advanced Micro Devices - Moderated (AMD) Message Board

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Technology Stocks : Advanced Micro Devices - Moderated (AMD)

AMD 217.59

+1.1%

Dec 3 3:59 PM EST

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To: Epinephrine who wrote (1852)	7/21/2000 5:59:49 PM
From: dougSF30	Read Replies (1) of 275872

This earnings/expiration pair was particularly bad. Why? (1) Wild expectations (myself included) for Q2, leading to (2) Massive July call buying (gladly supplied by the big fund guys who own the underlying shares), most of which were held through earnings due to little runup ahead of time. This left (3) Only 2 days to exit those call positions between earnings (which were good, but less than speculators' expectations) and expiration. So, there were MANY more open outstanding call contracts at/above the money than typical for so late in the cycle (only 2 days to liquidate). I think it was the speculative longs who did the damage, perhaps assisted by professionals who recognized the downside pressure, and decided not to buy in until after expiry. At any rate... it's over. Doug

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