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Bernie, you are correct. The Intel BBs everywhere on the different services that I review every night - but don't comment on - are certainly bullish. As I have stated many times - I review these BBs for the market psychology of individual investors and traders (just as the market makers do also). That psychology, along with the technicals and to a lesser degree the fundamentals dictates what I do in most cases. There is always a exception to everything based on certain happenings. . Today, I had to make one of those exceptions in my trading of Intel. I know from past experience that when K. makes his bullish or bearish comments on Intel - that Intel moves big time. Thus, today I had to do like many others - buy the calls with Intel trending upward (rather than my contrarian way). I continued to buy right down to the wire. Intel is the only thing that I'm playing on the long side. The great majority of tech stocks have been put plays for a while now - especially IBM, my old favorite. Those on Prodigy Intc-Bounce bb will remember that back in 1995, I bought the puts continuously in IBM as it fell all the way from its high into the 80s, at which point I sold my last bunch of puts at 84 only to watch it go on down to close around 82 that day. As many will recall that read me there, I was furious with myself for missing the bottom by 2 points that evening on Prodigy. However, the next day cooled my displeasure as that was the day that IBM opened up big time and continued to run up in days immediately following to hit around 100 area before pausing. Thus, in retrospect I had once again unwittingly done the right thing. I suspect the market makers will have a field day with Intel during tomorrow's trading. Since, dealing with the MMs is akin to playing poker with a dealer who has a marked deck - I'm afraid that I will have my work cut out for me. I'm certain that there will be much volatility in Intel with good swings up and down most of the day - and the trick is to put yourself into the minds of the MMs and trade according to what you think they are doing or are going to do. And, that's a whole lot tougher ballgame. Finally, there are the economic reports - and these will have some impact on how things go in the general markets. Just as Intel essentially traded in the opposite direction of most of the markets, it's not out of the question that it could do the same tomorrow - only in reverse. But, I certainly won't make any predictions as to where it will end the day. Anything is possible under these conditions. I just know that I will react and do whatever is required of me to succeed during the day. Good trading. Jack |
