Stan, did that post of mine print 3 times last night? That was my first attempt at pasting and I realized that I'd printed it 3 times, so deleted the last two - or so I thought. Maybe, I can do better with this one. Also, I've been asked before about starting another thread since I've been on here. However, I'm reluctant to do so as it would commit me virtually every evening. The way things are now, I can come on or not come on - depending on how busy or not busy I am. Board: MONEY TALK Topic: STOCKS A-M
Subject: INTC-BOUNCE
TO: JMWW46C
Marc and All: Very good points about these markets. You are
right when you say that the markets have been hyped all over
the place during the past 6 years. Well, if we are going
down, the newscasters won't have much worthwhile to report,
anymore than the brokers, analysts, or newsletter writers
will have either.
As I pointed out last night, there were some glaring
negatives in yesterday's trading as the Nasdaq stocks,
including Intel, didn't really perform all that well in the
type of market we had Thursday.
>>>>>>>>>>>>>>>>>>>>>>>
As I also pointed out yesterday, I sold my Intel calls. And,
I would take another look at things today (Friday). Well, I
looked and saw the Dow roaring up once again along with the
S&P while the Nasdaq had opened up with the main tech stocks
gapping and then selling off - but not until the MMs ran
everybody in, I'm sure. How many times have I said on this
bb that when the gap is closed plus 2 ticks, it's time to go
because most of the time that's the direction that Intel is
going. It's not 100 percent, but it's close enough.
Also, I've said many times that the tech stocks start the
rallies and they end them and vice versa. Thus, once again >
we had Intel roaring up 12 1/2 points from bottom to top,
along with MSFT, CPQ, IBM, and all the other main tech
stocks. And, just as they brought things up, they have now
turned down or have been weaker than the Dow and S&P the
past couple days. For this market to now go on to new highs,
the tech stocks within the Nasdaq will be needed.
However, first things first. We usually get an unwinding the
next week after options expiration. Since, we have had such
a big move up the latter part of this week - I would expect
some downside action (or at least more of it) next week
sometime early. With that out of the way - weather Monday, >
Tuesday, or what - then maybe we can go on.
But, I'm not counting on it entirely. All of the major
market indexes could not hold their highs today. They, in
some cases,went well beyond their top trendlines that were
slanting down - but they came back below them; well below
them.
I saw what was happening early and jumped into something
that I don't usually trade - the OEX put options. By the end
of the day with the Dow coming back over 60 points and the
rest of the indexes collapsing some - that trade looked >>
pretty good. But, Monday is another day and we will see.
As for Intel, maybe it will hold here where it closed today
and maybe it won't. The 133 and 130 areas are still supports
and there are moving average lines located around there
also. Meanwhile, I'm hedged in the way that I would want to
be in this situation - with long position in Intel and short
the rest. As always, I will do what I have to do to make it.
In conclusion, watch the gaps - maybe the opposite direction
this next time. Good trading. Jack
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