Marvell Technology Inc (MRVL)

[SyndicateTwo]

Hey, I can't argue with the stock price. It is what it is. But I'm telling you, the more this thing trades right here in the mid to high $16s and doesn't budge lower, the more this level is showing its strength and will just add to the power when it moves.

I know I always see things in this stock through rosy glasses, but you have to agree that $16.50 to $17 is damn strong.

Honestly, today's selling is a combination of Cramer's tune change on it, the $SOX comming off a major run to the resistance level last week, and option exercising from Friday.

Remember, there were almost as many $17.50 put options open as calls. The calls expired worthless, but the $17.50 puts were exercised. That means many who shorted the $17.50 April puts this morning woke up with MRVL stock. I'm sure many didn't want it as it was option play, not a stock play.

So, you're seeing most likely some of that stock being sold, too.

See how the day ends. The volume is pretty strong and that tells me that all of the above are at play. It's really a strange day because of all those things at work.

But also remember McClellen's mention of the week being a downer that might see a large pullback going into next week. The DOW should carry the brunt of that decline since it's really the only strong index out there and has been leading everything. Watch Nasdaq try to hold 2500 if it pulls back.

MRVL holding $16.80ish on 5 mill shares in just the first 2 hours says a lot about support here. Even BRCM got hit this morning.

It's going to take an event or bad news to push MRLV lower than $16.

But I do agree, I just can't understand this delay in the options probe. They are the only company doing this now. There's something we don't know about. It's not as simple as it taking too long. Not with the Form 4s that were filed in Dec correcting those dates with the top brass. That was 5 months ago almost. Then Goldman says they meet with them and are all but told it's all done but for some board issues? Then we get this spike in call buying for May? It's all too 'cute'.

I just wouldn't be suprised to see something come out out of left field any day. And I mean positive.