All: As I indicated last night, I would be involved
most of today with church business and then tomorrow
(Friday), I'll be taking my son to the Ft Walton Beach, FL
area for a short vacation (very short). I indicated last
night that I felt like I had about as much to lose as gain
at the present time with all the reports and earnings for
Intel coming. Everything has been held in limbo basically
for the past two days awaiting this B2B report. It's
positive in that they are getting some business obviously,
but then again it is down from previous month's numbers and
in comparison with the past is relatively terrible. So, we
will see on Friday what the effects are; and the economic
reports also will have their usual impact on the bonds and
stocks too. My Intel gap technique has been having some
problems the past few days. The MMs playing their games very
well and I suspect that things are all set up to keep Intel
basically between an price area that will allow them to
bring options down on expiration day at around 140 or 145.
Of course, any unusual earnings news (much higher earnings
than expected and/or split announcement) could negate what
I'm saying here and propel Intel to higher highs. On the
other hand, if those earnings are not quite as good as
everybody (analysts) have been projecting this quarter, then
Intel could go to lower lows than I currently anticipate.
But, at any rate we have been in this bullish trend for some
time now going really quite a ways back. And, like all
things what goes up must eventually come down. So, I suspect
that holders of call options in the further out month(s) may
get some indigestion in the very near future. Yet, many
technicals look okay - but then again they are just
borderline okay. Not anything has really taken off to make
substantial new highs (not even the Dow). If you look at
even the IBD's page with the index charts and the smaller
ones beside those, you will see that just about only the
tech stocks were up there near their minor top highs - at
least in Thursday's paper. Everything else was down or not
doing so well. At any rate, I'm holding right where I am.
I'm not planning to buy anything more at this time on the
call side, but may very soon start picking up the puts. I
would prefer to get through this immediate earnings period
and to see much higher daily volume in the Nasdaq then we
have had thus far. Well, all the supports and resistance
area for Intel remain the same as I've put on here in
previous notes. I'll be back before the weekend is over and
on Sunday night again at the latest. Good trading. Jack
Su: Hope the above answers your questions about where I think we are at with the markets and Intel. |
