Dennis,
They did shake out some traders. As I mentioned, I sold some shares, left some long AND sold some Jan 85 puts, too.
However, there's no denying that big sellers on the offering all day yesterday. 10K and 20K blocks were not uncommon, and if you look at the days print of time and sales, there's some 50K and up large blocks on it.
But EMC's not going to stay down very long, it seems. The Soundview recco and target change up to 125 didn't hurt. People feed of this kind of news.
Anyway, I still think 90 is the magic shootout ground for options expiration. However, if it pops over 95 tommorrow, and stays there over the weekend, 95 would become the new shootout level.
Just be "IN" before earnings. Once my option positions unwind next Friday, I will become long again... |
