Bernie, I would just play Intel and take whatever it gives you. The type of market we are in at this time is so volatile that as I once said lately on the Intc Bounce bb - just go with the flow.
Although the official low was 25 7/8 for Intel today, somebody was zapped as badly as 23 1/2 on an Intel trade. You know what I've said about market orders. In my lifetime, I've given 2 of them - and was taken to the cleaners both times. Needless to say, it's been a long long time since I've given another one. What's that old saying? Once, shame on you; twice, shame on me (ggg).
My early support is still located down in that 124 1/2 to 125 area with resistance now depending on whether Intel goes on up from here to significantly higher high and closing. Any such penetration and closing would change my early support then to the 129 to 129 1/2 area. Back down there in that 125 area would then become my secondary support and 119 1/4-119 1/2 next. The markets and most tech stocks were going in the opposite direction that Intel was going (at times). I sold my second half of Intel on when it went to 129 the first time; followed it down to its closing of the day before (125 7/8). It never ticked that additional one-eighth point below that I've always told all of you on the Intc Bounce bb about the gaps - what the entire closing of them plus one more tick usually means. For those of you that haven't read me, it usually means a continuation of the move in the same direction. However, when it holds the gap without ticking 1/8 point more below it, then you usually get a reversal and the stock will go in the opposite direction. So, today in Intel's case, it held and reversed and what you had going into the end of the day was the result. Needless to say, I bought back into Intel. Also, I currently do not hold any puts in anything. There will be time enough tomorrow, if called for, to once again buy puts in whatever looks good at the time. I continue to say that I have no intention of buying puts in Intel. After today, anyone could see why - but that's not my only primary reason - my reason is that I'm still awaiting that Intel stock split which applies to options and warrants as well. All should know that I'm primarily a stock options trader but I do buy some other things at times, especially for my wife's IRA account - where they won't let me buy any options. As such, I don't mention option prices particularly when I'm commenting on the BBs, but I equate whatever I do with stock prices so that the investors on the BBs will be able to follow my comments in a better manner. As far as what will happen tomorrow in things: Well, today we had that split market with Intel going up and the other things going down. I don't believe it will continue that way. Depending on the economic news the next couple days, the markets including Intel will go whichever direction that those economic reports support - a bullish direction or a bearish direction. One thing for sure, I'm not going to stay long with it if it doesn't move up. I've said before on the Intc Bounce bb that I've been taking profits immediately just as I've always taken (and highly recommend} losses immediately. This market is so volatile that this is called for in here. Finally, Bernie: BJJP stood for B(Bob Bragg); J(Jules Garfunkel); J(Jack Rains): and P(Paul Losohl). We put that togather (I believe it was Jules' idea) so that just the four of us could have our own subject on the Prodigy Money Talk bb and exchange information, ideas, etc. on Intel and other related things. Once in a while, somebody else like Norm Johnson would drop in. All for now. Good trading. Jack |
