Intel: Short Term Stock and Option Trading/Strategies Message Board

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Technology Stocks : Intel: Short Term Stock and Option Trading/Strategies

INTC 37.32

+1.8%

3:59 PM EST

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To: jmac who wrote ()	3/5/1997 9:40:00 PM
From: jmac	of 220

Well, it looks like things are getting a little more bullish. We are very oversold. Everyone is bearish. SPX is just a few points from key overhead resistance at 805 (next reistance 816). The SOX is about to break out and if it does, it can move up 8-10%. I sold INTC calls today (not yesterday per my plan). I was in meetings when INTC hit 149 yesterday and had to guess where the INQ Mar 155s would be when INTC hit 149. I guessed 3 3/8 and so I tried to sell there but it never got higher than 3. Today. I sold the calls for 2 3/4 and it should be noted that that was the high for that option even though INTC closed 1/2 point higher. My read, many non-believers in INTC's up move. I sold IBM short today at 146 +/- 1/8. I wanted to get it short above 147 but it never happened. It looks lousy. NOw, we just watch and see. INTC must get through 152 on a closing basis to prove to me that an uptrend has begun. But, 149 1/2 is making me much happer than I was when it was at 137 1/2 only a week ago. I posted several weeks back that I thought INTC would consolidate until mid-March when I expect 1st Q earnings upgrades. Well, I can't call 25 points down on INTC a consolidation but I do believe that by mid- to late- March we will see those upgrades and a major move int he stock price. For me, I hope it comes after March 21 (March option expiration).

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