ESPD (Feb 22 puts) important play today we decided to be flat or in puts into the close. We picked up our upside in LTXX, PCLN(here we have another day, FWHT, RCII (straddle called here or flat), We are noticing that the best plays for the long side (remember both MXIM and VECO were SHORTS for two days, no such shorts in the others) THE DOWNSIDE WAS PRICED INTO VECO and MXIM but for ESPD, PCLN LTXX FWHT, we got our profit in hand, and the report results are usually the pullback (i.e. ASKJ, BOBJ both planned similarly only we didn't get the move up in BOBJ just the downside as BOBJ never gave us an ounce of "anticipatory upswing" having gapped up the day prior to the report) ESPD was played a long time until the 2:00 spike high (hit target of 25) so were left with figuring out what, if anything, we wanted to do after the close.
More and more we are seeing it best to take the profits form the upside, and prepare for the DOWNSIDE/puts after a good rally ESPECIALLY if it moves down in the day(s) before the report. The "anticipatory upswing" is the 'bird in hand' and the hold through the report has to be discussed, evaluated and at least MADE CLEAR and not dismissed as a "nice chart" or going to "da moon" or whatever takes the place of clear accessment of the risks/rewards.
INTRADAY from LOG on ESPD: (We didn't repint the dozen times this was updated intraday by moderators in the the trading room) as well as intraday updates, but rather the conclusion of the play, when we tried to decide how (and if) ESPD would be played through the report.
Mon Feb 9 15:19:55 2004: marketge [0/] Msg:I did pick up some February 22.50 puts at $.50 but the February 22.50 calls were up over double already is there place for more upside? I don't know so I'd be holding some just in case.. at this point February 25 are okay for a straddle but(take into considereation though that now we are already profitable) and many folks might prefer to be flat
AI
Market Data 
Markets 
