Hi. Well I hope all of those bears stays bearish. The put idea professed on this thread seems to have taken hold and everyone is expecting THE CORRECTION. Well, if people bought Intel puts for protection a week or so prior to earnings, then they have lost a tremendous amount of money. I guess that one fellow who, reportedly, bought IBM puts to hedge against his Intel stock is still OK. But, even IBM is back to 156 after over-reacting to the downside.
Sorry, but I have been saying all along that buying puts is a waste of money. Your timing has to be superb to get the proection out of put buying one would want. I think you're right. We should see some carry over tomorrow morning. But, 160--I don't think so. Not tomorrow at least.
The so-called CORRECTION might hit but I think several things have to fall in place now. First, interest rates must go above 7%. That only happens on Feb 4th if the Fed tightens. Second, if that happens, we need a double top to be in place. We need a move to a new DOW high prior to the 4th so that the decline moves from there. Then, I'd be worried and I would probably 1) sell INTC- or 2) sell deep in the money calls so I don't have to sell the stock and pay taxes. But, I would not buy puts.
Smart money--BULL (not a bad pun). The volume n INTC has been extremely heavy all throughout this run-up. If anything, it has been low (or shoudli say lower) on down days (or on days of reversals much of the volme was on the up side). This is a great base--not SMART money selling. I just disagree witt person who posted that SMART money was moving out of INTC. As of today, it hasn't been too smart to sell.
But, tomorrow's another day. By for now. |
