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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: John Bloxom who wrote (12669)	1/15/1998 4:08:00 PM
From: Wayne	Read Replies (1) \| Respond to of 25960

I was about to ask if any option traders could explain this action. I'll be a lot happier if the recent weakness is the result of price manipulation by the MM rather than bad news leaking out to a select few. I presume the 15 price has the largest OI. I had actually thought I remembered someone saying the balance point was about 16, but I'm probably mistaken about that.

To: John Bloxom who wrote (12669)	1/15/1998 4:17:00 PM
From: Steven Angelil	Read Replies (1) \| Respond to of 25960

Great info John. Todays close is 14 15/16. How convenient!! They need this close tomorrow too. I suppose they can pull that off too. Looks like I should have waited till tomorrows close to buy. I bet a lot of people will be doing just that. Better stock action in store for us next week? Can you guys believe the action in ONSL and SPLN?? Unbelievable. I was actually considering bottom fishing on ONSL at around 13 and decided against it. THe reason I did is because their final bids don't seem to that great of price, plus the warranty on most of their refurbished stuff is only 90 days. Doesn't seem like its worth the extra risk. What do I know:-) The stock is going thru the roof and I'm stuck with this bow wow. Where's Arsenio when you need him? Woof, woof, woof, woof.....

To: John Bloxom who wrote (12669)	1/15/1998 4:18:00 PM
From: TideGlider	Respond to of 25960

Hi John: They never seem to have a problem holding this stock wherever they want it. :) TG

To: John Bloxom who wrote (12669)	1/15/1998 4:20:00 PM
From: Robert DeHaven	Read Replies (2) \| Respond to of 25960

The Sellers FWIW were DLJ & MSCO...... And you are exactly correct John:......Just my take also. That is why the opportunity exist now if you have the cajonnes to buy the Feb 12 1/2 calls at 3 1/4.....also there were 122 more calls written today for Jan 15 at 7/16 no idea if these are adding to the open position though...I imagine they are though...I think they are safe for the day anyway. Can anyone say "manipulation" ...today was a classic. Bob

To: John Bloxom who wrote (12669)	1/15/1998 4:51:00 PM
From: Doug Skrypek	Read Replies (1) \| Respond to of 25960

John: The open interest on jan 15 calls (313) + puts (163) is miniscule, and I don't think it factors into the price action today. Option MM's delta hedge their positions, they don't care where the price is on expiration date.

To: John Bloxom who wrote (12669)	1/15/1998 5:16:00 PM
From: Yakov Lurye	Read Replies (1) \| Respond to of 25960

Re: MMs and CYMI stock price John, I think you are off by a factor of 10 in calculating the OI: 313 calls = 31,300 shares, not 313,000. Today's stock action was disappointing, but not neccessarily expiration-related. I also doubt the bad news leakage theory: At least a half of the daily losses (and half of the trading volume) came at the last hour and coincided with sharp decline in SOX/DOW. This selloff also affected stocks like LRCX - LRCX was even for the day at 3:15 and ended up down 1. I wonder though about an increase in earnings forecast without an upgrade in ratings. If an upgrade was to come later, wouldn't it be in the interest of MMs like Mont/MS to push price lower and load up at depressed levels? An analysis of the daily charts shows that to accomplish this, no big effort was needed. CYMI went down in the morning on small volume in line with SOX; then SOX rebounded sharply, CYMI though stayed down. Since morning trading was thin, a small sell program could do the trick. After that, SOX was basically in a decline pattern all day, and daytraders took care of the trend. All this is probably too convoluted to be true, but I think that we'll see some upgrade from MS/MONT soon. Anyway, I was lucky to sell my LRCX before the drop and used the funds to buy CYMI at 15.25 A more gutsy move would be to buy a bunch of Feb 12.5/15 calls. Regards, Y.