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Technology Stocks : Intel Corporation (INTC)
INTC 35.53-1.1%Nov 14 9:30 AM EST
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To: Mary Cluney who wrote (76085)3/10/1999 8:53:00 PM
From: Paul Fiondella  Read Replies (2) of 186894
 
One shouldn't minimize the options plays and clues the bears provide

I'll use share equivalents:

1,313,900 shares bet that Intel will close below 110 next week Friday.
1,221,100 shares bet that Intel will close below 115
1,381,800 shares bet that Intel will close below 120.

The Put/Call ratio on expiring Intel options is nearly 1/1 --- heavily weighted to the down side. Normally most open interest in on the call side.

The professional Bear fund managers may have some clues in their pronouncements as to how heavily the stock has been shorted as well in anticipation of a decline.

At some point when the rumors of a preannounce appear quite dead, those who shorted the stock may rush to cover and fund managers may rush in to fill their inventory of INTC back up.

An awful lot of managers were caught flat footed when Intel dropped like a stone. They didn't get out of their positions early enough --- in the 120's and 130's. Some of them probably got out in the teens expecting the heavily negative mood would push the stock even lower below 110.

Also on the bullish side is the wonderful opportunity the options writers have to pocket some heavy 125 and 130 Put premiums by moving the stock up closer to expiration.

On balance I see a lot of positives in the stridently negative rumor and buzz.
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