Friday, July 20, 2007

Swing low on Qs; MSFT swoons

Qs opened mid PP/S1 and promptly fell to S2 (50.09). I sold my overnight OTM puts at 7:00 (pst) for a ncie gain, and tried to buy the August OTM calls but the market makers are refusing to bring the bid down. Amazingly, the bids actually rise with each S1/S2 cycle swing while the Qs themelves remain net S2. Expiration games????? MSFT looked interesting on the pullback and I picked up some August OTM calls, which I will watch closely as there is still plenty of room to the downside if it turns. NYAD is flatline, TICK is downslope and TRIT is upslope as of 8:18 (pst).

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