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To: KeepItSimple who wrote (172394)	6/13/2002 5:09:10 AM
From: maceng2	Read Replies (2) \| Respond to of 436258

and INTC already warned for the whole year. but that's tremendous bullish news! All the bad stuff is priced in!! and a solid tech bell weather stock like INTC should only go up from here...it's a guaranteed winner -lol- ez-pnf.com yep I've got some tech calls I'd like to dump too. Wonder if I'll get something for my INTC june 30's? I'll sell um cheap -g-

To: KeepItSimple who wrote (172394)	6/13/2002 6:46:11 PM
From: mishedlo	Read Replies (2) \| Respond to of 436258

INTC is not gonna get there. As for delta hedging, yes they can and do. But they only collect 1/2 the option pie that way. The pigs like the entire pie. If they delta hedge (as undoubtedly they did with INTC) then they make on their shorts what they lose on puts. At max pain they collect option money on both puts and calls. I am of the belief that they seldom if ever lose, but as I said they would rather eat the whole pie than have to share it and pay out on a significant number of options. The hedge protects them from loss but that is it. It does not really make them much (of course that depends on where they hedged). Some have suggested that "they" are delta neutral at all times, in which case it would not matter, and also in which case there should be fewer of the max pain ramps. So, I do not believe they hedge until forced to (and that is the point where they have lost or are about to lose, their gains from selling the options in the first place). Otherwise, if they were delta neutral at all times, there would be no "need" for max pain to hit at all, and max pain sure has been very very reliable on the big ticket stocks. QQQ INTC CSCO MSFT Also note that this month there are more puts than calls at QQQ 29 30 31 32 33 34 35 36 37 38 39. What better month for a max pain "failure" to the downside than now. This is the first month that I have ever seen calls outnumber puts at every strike on the QQQs. M