Advanced Micro Devices Inc (AMD)

[JLS]

Wouldn't be surprised if short correction here.

That would mean going below that inclining channel for at least a few days. AMD is not going to stay within that narrow of a channel forever.

But also would not be surprised if AMD keeps climbing within that channel a while longer. Within that image is a short horizontal blue line (that spans 5 days). My thought was that price stays within that small ascending triangle between that short line and the inclining line of the bottom of that inclining channel, and perhaps it does that for the rest of this week.

Almost two hours ago I put in over an hour watching then swapping out yesterday's $34 CCs for new ones at a strike of $33. AMD traded above $33 for the last few days but would not close above $33.

I would allow my shares to be assigned this week as my purchase price for them was a hair over $32.85.

If assigned, I would repurchase shares early next week then sell CCs again. Because of underlying volatility, the price of the options is just too good to pass up, so I would buy/write week after week.

So far, my gain on selling CCs this week is $1.47 (not counting a few pennies more on shares alone if shares are assigned).

If AMD drops below that channel, my opinion is it stays above SMA(20), shown in red -- and at that point I would draw an inclining fork (which would allow for corrections (testing the bottom of the inclining fork) as well as a longer term trend going higher for many months, maybe a year or two or three.