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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Jeff who wrote (55348)	4/23/2002 9:33:46 PM
From: mishedlo	Read Replies (1) \| Respond to of 99280

INTC rallied from 28 to 31+ and settled back to 30. Sadly my only plays seem to be after the top is in. INTC strike 30 Mays were about .90 (when it was 28) and 1 day and one morning gap up the calls were worth over $2. Not a bad return. Yes indeed, the pattern has been to overshoot and settle back down. M

To: Jeff who wrote (55348)	4/23/2002 9:35:09 PM
From: mishedlo	Respond to of 99280

INTC rallied from 28 to 31+ and settled back to 30. Sadly my only plays seem to be after the top is in. INTC strike 30 Mays were about .90 (when it was 28) and 1 day and one morning gap up the calls were worth over $2. Not a bad return. Yes indeed, the pattern has been to overshoot and settle back down. M

To: Jeff who wrote (55348)	4/23/2002 9:53:56 PM
From: ajtj99	Read Replies (1) \| Respond to of 99280

Jeff, what you are seeing is what the MM's astutely do to kill as many in the money calls and puts before expiration. If we were in an uptrend, it might work just the opposite of how it has been working now. That's why if we have a Max Pain target of QQQ 35 in May we need to get that down to 34 for the MM's to work their magic (overshoot and drop back into Max Pain while also giving us a lower high). That's why I think we need more put buying (put/call ratio at 0.90 or higher) and a lower COMP and NDX before we can say we have a local bottom. I think we'll get that if we breach the Feb. lows slightly, but I'm not sure the market will let that happen.