AJ -- I wasn't really talking about the BTK in specific, though if I were, I'd point out that it didn't just go from 324 to 333. Rather it went from 307 (a hair under) yesterday to 333 today. A decent move, for sure, but I agree no "break out the BTK calls" move, as there's more resistance up ahead.
So far, no index broke what I'd consider terribly critical resistance, thus ruining near or mid-term bearish ideas (which could come back into play with news, too. It was not long ago that we had another Iraq related rally that quickly petered out when the US said "uh, no dice folks."). That said, there's a tremendous bearish complacency I've seen on the boards that simply ignores any "up" scenarios. "It can't happen here and now" is the refrain. But we all know it can.
As for tomorrow. . . we've seen the DELL spike before. It might last all day or more for all I know. But while Dell's news was pretty good for Dell, it's not clear if it's really that good for anyone else: they're taking market share in a shrinking business and have one billion in cost savings helping their bottom line. We might just gap and sputter out, and it wouldn't surprise me. That said, I'm willing to cut more puts loose if the prices dictate. That's all I meant.
the freep |
