Larry - It amazes me how after-the-fact bulls come down on
the MU bears. Last week, you and I mentioned resistance
points as the stock was climbing. In TA, each time it broke
through, it was bullish. How many bought the stock or calls.
Probably none. When it hit the resistance at 44 3/8 last Friday,
I bought Jul 45 calls for 1 pt, and posted it real time, not after
it ran up. I sold them Monday for 2 5/8. It was as high as 4 1/2
today.
Now, if these bulls really had b*lls, they could have bought
July 45 calls last Friday morning for 1/4 when the stock was
at 43. If they sold today at 4 1/2, they COULD have turned
$1000 into $18,000 in 4 days. Of course, hindsight is 20/20.
A more conservative play, a bull could have bought a Jul
40 call (with intrinsic value of 3) at 3 (no premium) last
Friday morning. It traded as high as 9 3/8 today. No risk
and a triple play. IF, IF, IF these bulls REALLY believed
that the stock was going to 49+ this week. Obviously they
didn't.
What did the bulls buy this week? Too chicken to make a
play with real money? More fun to sit on the 100 shares
and tell the MU bears what they should do?
At the moment, I'm losing $4000 on the Jul puts. Will
I buy more puts in the months to come? You bet!
JMHO Patrick
Boy, I bet I get the mail now! <gg> |
