Dave, regarding the open option position.
I agree with the open interest position, but I'm not sure I completely concur with the underlying support/resistance effect. At the border level of 62 1/2 on the low side there's about 12,000 contracts or 1.2 million shares. I don't think this is material enough to prop the stock up. We've traded about 3 million today in the first hour. We could push through that level and look at 60 as the next support where there's about 18,000 contracts. Clearly, concerns over the weakening environment could lead institutions to make moves that would offset the open option position. Still short and happy. BTW, went to the local Office Depot last night to check prices. Sales people burnt out, prices low, no one really buying. Non Intel CPU's about 100 dollars less on average. When I got home, saw a Dell commercial for $2299 for a 300 mhz Intel machine with 17" monitor,which appeared to be a better price than the HP/CPQ's I looked at. They're dropping. While I'm ready to upgrade, I decided to wait a few days and let my Dell puts allow me to upgrade! |
