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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.19

-0.8%

Nov 18 4:00 PM EST

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To: pater tenebrarum who wrote (11158)	4/15/1999 7:23:00 PM
From: Gersh Avery	Read Replies (3) of 99985

Hi heinz Re : open interest liquidation in front-month options (which expire tomorrow) was largely confined to calls, with OI on out-of-the-money puts increasing slightly. Am I correct to assume that you are referring to equities and not the OEX? That would move the point of max pain up slightly .. I'm not surprised by this action. Are you familiar with this location? ez-pnf.com The folks that work over INTC seem to be very good at bringing in this stock for a soft landing on some strike. They have been doing a standard play .. drop the stock after earnings below the target strike then bring it up to over the strike then back down to the mark. When they drop it below the target they cover calls. When it then goes over the mark they cover puts then bring it on home. At this time I believe that they will be able to hit the $60 target for this one .. however today looked like they may have settled for the 57.5 strike .. probably not .. I still expect close Friday at 60 +-1/4. I paper traded 1500 contracts of the 60 calls today @ 1/8 (ask!) Anyway .. FWIW Gersh

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